Principal Financial Group Inc. Has $49.33 Million Stock Holdings in Old National Bancorp $ONB

Principal Financial Group Inc. increased its stake in Old National Bancorp (NASDAQ:ONB) by 196.0% in the first quarter, Holdings Channel.com reports. The firm owned 2,232,316 shares of the bank’s stock after purchasing an additional 1,478,171 shares during the quarter. Principal Financial Group Inc.’s holdings in Old National Bancorp were worth $49,334,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Comerica Bank grew its holdings in shares of Old National Bancorp by 27.8% in the 4th quarter. Comerica Bank now owns 263,057 shares of the bank’s stock valued at $5,869,000 after acquiring an additional 57,152 shares in the last quarter. Algebris UK Ltd. raised its holdings in Old National Bancorp by 57.9% during the fourth quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock worth $41,160,000 after acquiring an additional 675,873 shares in the last quarter. Ruffer LLP acquired a new position in Old National Bancorp during the fourth quarter valued at approximately $2,871,000. Norges Bank bought a new position in Old National Bancorp in the fourth quarter valued at approximately $72,661,000. Finally, Easterly Investment Partners LLC grew its stake in Old National Bancorp by 27.4% in the fourth quarter. Easterly Investment Partners LLC now owns 282,948 shares of the bank’s stock valued at $6,313,000 after purchasing an additional 60,829 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Stephens upped their price objective on Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. UBS Group started coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a “buy” rating and a $32.00 target price for the company. Barclays lifted their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Raymond James Financial assumed coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a “market perform” rating on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.55.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $26.75 on Friday. The stock has a market cap of $10.34 billion, a P/E ratio of 13.79 and a beta of 0.83. The stock has a 50 day simple moving average of $24.87 and a 200 day simple moving average of $23.90. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $27.32.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating 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 business had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. During the same period in the previous year, the company posted $0.45 EPS. The firm’s quarterly revenue was up 44.4% on a year-over-year basis. Research analysts anticipate that Old National Bancorp will post 2.57 earnings per share for the current year.

Old National Bancorp Announces Dividend

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