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

Pzena Investment Management LLC increased its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 7.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,693,642 shares of the bank’s stock after purchasing an additional 175,594 shares during the period. Pzena Investment Management LLC owned approximately 0.70% of Old National Bancorp worth $59,529,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

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

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB opened at $26.23 on Thursday. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $26.43. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93. The business’s fifty day moving average price is $24.30 and its two-hundred day moving average price is $23.63. The stock has a market capitalization of $10.13 billion, a price-to-earnings ratio of 13.52 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $706.62 million. During the same quarter last year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 44.4% on a year-over-year basis. As a group, analysts predict that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

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

Old National Bancorp 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.