Pzena Investment Management LLC Acquires 175,594 Shares of Old National Bancorp $ONB

Pzena Investment Management LLC grew its holdings in Old National Bancorp (NASDAQ:ONB) by 7.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,693,642 shares of the bank’s stock after buying an additional 175,594 shares during the quarter. Pzena Investment Management LLC’s holdings in Old National Bancorp were worth $59,529,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ONB. MAI Capital Management grew its holdings in Old National Bancorp by 156.8% during the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock worth $25,000 after acquiring an additional 704 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Old National Bancorp in the fourth quarter worth about $27,000. Flagship Harbor Advisors LLC acquired a new position in shares of Old National Bancorp during the fourth quarter worth approximately $28,000. Los Angeles Capital Management LLC acquired a new position in shares of Old National Bancorp during the fourth quarter worth approximately $36,000. Finally, JFS Wealth Advisors LLC grew its stake in shares of Old National Bancorp by 811.4% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,428 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Jefferies Financial Group boosted their price objective on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods lifted their target price on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Stephens boosted their target price on Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Barclays upped their price target on Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.91.

Old National Bancorp Stock Performance

ONB stock opened at $26.23 on Thursday. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $26.43. 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 market cap of $10.13 billion, a PE ratio of 13.52 and a beta of 0.83. The business’s 50-day moving average price is $24.30 and its two-hundred day moving average price is $23.63.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The company had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. During the same period in the prior year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 44.4% compared to the same quarter last year. As a group, research analysts forecast that Old National Bancorp will post 2.58 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is 29.90%.

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.