Clarkston Capital Partners LLC Decreases Position in Old National Bancorp $ONB

Clarkston Capital Partners LLC lowered its stake in shares of Old National Bancorp (NASDAQ:ONB) by 67.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,230 shares of the bank’s stock after selling 25,123 shares during the period. Clarkston Capital Partners LLC’s holdings in Old National Bancorp were worth $273,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Old National Bancorp by 0.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 748,016 shares of the bank’s stock worth $16,688,000 after purchasing an additional 4,464 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Old National Bancorp by 37.7% during the 4th quarter. Wells Fargo & Company MN now owns 479,386 shares of the bank’s stock worth $10,695,000 after purchasing an additional 131,271 shares during the last quarter. CI Investments Inc. increased its stake in shares of Old National Bancorp by 4.7% during the 4th quarter. CI Investments Inc. now owns 18,736 shares of the bank’s stock worth $418,000 after purchasing an additional 844 shares during the last quarter. Federation des caisses Desjardins du Quebec increased its stake in shares of Old National Bancorp by 22.1% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 27,120 shares of the bank’s stock worth $605,000 after purchasing an additional 4,916 shares during the last quarter. Finally, DRW Securities LLC increased its stake in shares of Old National Bancorp by 51.9% during the 4th quarter. DRW Securities LLC now owns 38,896 shares of the bank’s stock worth $868,000 after purchasing an additional 13,297 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Up 1.8%

Old National Bancorp stock opened at $25.14 on Friday. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $26.17. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of 12.96 and a beta of 0.84. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. The firm has a 50 day simple moving average of $23.74 and a 200 day simple moving average of $23.33.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The business had revenue of $702.70 million during the quarter, compared to analyst estimates of $706.62 million. During the same period in the previous year, the business earned $0.45 EPS. Old National Bancorp’s revenue was up 44.4% compared to the same quarter last year. On average, analysts predict that Old National Bancorp will post 2.58 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be issued a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 29.90%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ONB. Citigroup raised their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Keefe, Bruyette & Woods lifted their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Stephens lifted their price objective on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Finally, Jefferies Financial Group lifted their price objective on shares of Old National Bancorp from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.91.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.