Pzena Investment Management LLC Decreases Stake in Old National Bancorp (NASDAQ:ONB)

Pzena Investment Management LLC reduced its position in Old National Bancorp (NASDAQ:ONB) by 2.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,915,148 shares of the bank’s stock after selling 68,580 shares during the period. Pzena Investment Management LLC owned 0.91% of Old National Bancorp worth $63,273,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Empowered Funds LLC purchased a new stake in shares of Old National Bancorp in the fourth quarter worth about $28,000. Versant Capital Management Inc lifted its position in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after buying an additional 615 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after buying an additional 663 shares in the last quarter. Bank of Jackson Hole Trust purchased a new stake in shares of Old National Bancorp in the fourth quarter worth about $65,000. Finally, Allworth Financial LP lifted its position in shares of Old National Bancorp by 150.5% in the fourth quarter. Allworth Financial LP now owns 3,507 shares of the bank’s stock worth $82,000 after buying an additional 2,107 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Raymond James reissued a “strong-buy” rating and set a $29.00 price objective (up from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Barclays boosted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Stephens reissued an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued a “sector perform” rating and set a $26.00 price objective (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.29.

Old National Bancorp Trading Down 6.9 %

ONB opened at $20.11 on Tuesday. The stock has a market cap of $6.41 billion, a price-to-earnings ratio of 11.97 and a beta of 0.85. The stock’s 50 day moving average price is $22.90 and its 200-day moving average price is $21.22. Old National Bancorp has a one year low of $15.38 and a one year high of $24.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same quarter in the previous year, the business earned $0.46 EPS. On average, equities analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Wednesday, March 5th will be paid a $0.14 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $0.56 annualized dividend and a yield of 2.78%. Old National Bancorp’s dividend payout ratio (DPR) is currently 33.33%.

Old National Bancorp Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.