Pzena Investment Management LLC decreased its holdings in shares of Old National Bancorp (NASDAQ:ONB – Free Report) by 3.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,743,919 shares of the bank’s stock after selling 99,578 shares during the quarter. Pzena Investment Management LLC owned about 0.72% of Old National Bancorp worth $67,610,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC grew its holdings in shares of Old National Bancorp by 1.9% during the 3rd quarter. Valeo Financial Advisors LLC now owns 27,233 shares of the bank’s stock worth $671,000 after purchasing an additional 514 shares during the period. Fortitude Family Office LLC raised its stake in shares of Old National Bancorp by 313.5% in the 3rd quarter. Fortitude Family Office LLC now owns 1,075 shares of the bank’s stock valued at $26,000 after acquiring an additional 815 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Old National Bancorp by 2.9% in the 3rd quarter. Quadrant Capital Group LLC now owns 32,349 shares of the bank’s stock worth $796,000 after acquiring an additional 903 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Old National Bancorp by 10.2% in the 3rd quarter. GAMMA Investing LLC now owns 12,191 shares of the bank’s stock worth $300,000 after acquiring an additional 1,131 shares during the last quarter. Finally, Sanctuary Advisors LLC boosted its position in shares of Old National Bancorp by 12.1% during the 1st quarter. Sanctuary Advisors LLC now owns 11,013 shares of the bank’s stock worth $243,000 after purchasing an additional 1,191 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.
Insider Activity at Old National Bancorp
In other news, CFO John Moran sold 19,261 shares of Old National Bancorp stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $25.57, for a total value of $492,503.77. Following the sale, the chief financial officer owned 101,467 shares of the company’s stock, valued at $2,594,511.19. The trade was a 15.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.72% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on the stock. TD Cowen cut their target price on shares of Old National Bancorp from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Piper Sandler initiated coverage on shares of Old National Bancorp in a research report on Thursday, September 17th. They issued an “overweight” rating and a $32.00 price target for the company. Citigroup dropped their price target on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, September 22nd. Weiss Ratings upgraded shares of Old National Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, October 26th. Finally, National Bank Financial set a $32.00 price objective on Old National Bancorp in a research report on Friday, September 11th. Twelve investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $29.64.
Check Out Our Latest Stock Report on Old National Bancorp
Old National Bancorp Stock Performance
Shares of ONB stock opened at $25.89 on Thursday. The stock has a market capitalization of $9.79 billion, a PE ratio of 10.57 and a beta of 0.88. Old National Bancorp has a 52-week low of $19.60 and a 52-week high of $27.36. The stock’s 50-day moving average price is $25.21 and its 200 day moving average price is $24.65. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.85.
Old National Bancorp (NASDAQ:ONB – Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.66. The company had revenue of $719.00 million during the quarter, compared to analysts’ expectations of $732.04 million. Old National Bancorp had a return on equity of 12.02% and a net margin of 23.36%. During the same period last year, the firm earned $0.59 EPS. As a group, equities research analysts forecast that Old National Bancorp will post 2.57 EPS for the current year.
Old National Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were paid a $0.1450 dividend. This represents a $0.58 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, September 4th. Old National Bancorp’s payout ratio is currently 23.67%.
About Old National Bancorp
Old National Bancorp (NASDAQ: ONB) is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.
Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.
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