Sterling Capital Management LLC Takes $1.35 Million Position in Old National Bancorp (ONB)
Sterling Capital Management LLC purchased a new stake in Old National Bancorp (NASDAQ:ONB) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 73,905 shares of the bank’s stock, valued at approximately $1,352,000. Sterling Capital Management LLC owned about 0.05% of Old National Bancorp at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Valeo Financial Advisors LLC acquired a new stake in Old National Bancorp during the 3rd quarter worth about $129,000. Advisor Group Inc. raised its holdings in Old National Bancorp by 219.1% during the 3rd quarter. Advisor Group Inc. now owns 9,921 shares of the bank’s stock worth $181,000 after buying an additional 6,812 shares during the period. Teacher Retirement System of Texas raised its holdings in Old National Bancorp by 7.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,821 shares of the bank’s stock worth $187,000 after buying an additional 717 shares during the period. Stifel Financial Corp acquired a new stake in Old National Bancorp during the 3rd quarter worth about $196,000. Finally, Adviser Investments LLC acquired a new stake in Old National Bancorp during the 3rd quarter worth about $212,000. 73.07% of the stock is owned by institutional investors.
Several analysts have issued reports on ONB shares. Boenning Scattergood set a $21.00 price objective on Old National Bancorp and gave the stock a “buy” rating in a report on Thursday, October 26th. BidaskClub upgraded Old National Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, September 28th. ValuEngine upgraded Old National Bancorp from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Zacks Investment Research downgraded Old National Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, October 28th. Finally, Jefferies Group reiterated a “hold” rating and issued a $18.00 target price on shares of Old National Bancorp in a report on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $18.92.
Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, October 24th. The bank reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The company had revenue of $154.84 million for the quarter, compared to the consensus estimate of $152.48 million. Old National Bancorp had a return on equity of 8.39% and a net margin of 21.61%. During the same quarter in the prior year, the company earned $0.25 EPS. sell-side analysts forecast that Old National Bancorp will post 1.08 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.88%. Old National Bancorp’s dividend payout ratio is 47.71%.
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Old National Bancorp Profile
Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory and other traditional banking services. The Company focuses on community banking.
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