Foundry Partners LLC Has $7.27 Million Holdings in Old National Bancorp (NASDAQ:ONB)

Foundry Partners LLC cut its position in Old National Bancorp (NASDAQ:ONB) by 20.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 423,120 shares of the bank’s stock after selling 111,342 shares during the quarter. Foundry Partners LLC owned approximately 0.13% of Old National Bancorp worth $7,273,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of ONB. Norges Bank acquired a new stake in Old National Bancorp in the 4th quarter worth $55,808,000. Victory Capital Management Inc. grew its position in Old National Bancorp by 211.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,922,022 shares of the bank’s stock worth $50,230,000 after purchasing an additional 1,983,476 shares during the last quarter. Verition Fund Management LLC grew its position in Old National Bancorp by 48.9% in the 4th quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock worth $63,787,000 after purchasing an additional 1,240,952 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Old National Bancorp by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock worth $241,176,000 after purchasing an additional 841,195 shares during the last quarter. Finally, Equitable Trust Co. bought a new position in shares of Old National Bancorp during the 2nd quarter worth about $8,681,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

ONB traded down $0.02 during midday trading on Friday, hitting $18.95. The company had a trading volume of 132,119 shares, compared to its average volume of 2,046,509. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market capitalization of $6.04 billion, a PE ratio of 10.25 and a beta of 0.83. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $20.43. The firm’s 50-day simple moving average is $18.69 and its 200-day simple moving average is $17.33.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping the consensus estimate of $0.44 by $0.02. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. The company had revenue of $750.93 million during the quarter, compared to analysts’ expectations of $474.10 million. During the same quarter in the previous year, the company earned $0.54 EPS. Equities research analysts predict that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, September 5th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Thursday, September 5th. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ONB. Hovde Group began coverage on shares of Old National Bancorp in a report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective for the company. Royal Bank of Canada raised their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Barclays lifted their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Finally, StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.63.

Insider Activity at Old National Bancorp

In related news, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the transaction, the chief executive officer now owns 287,409 shares in the company, valued at $5,730,935.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of Old National Bancorp stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the transaction, the insider now owns 117,676 shares of the company’s stock, valued at $2,335,868.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James A. Sandgren sold 25,000 shares of Old National Bancorp stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the transaction, the chief executive officer now directly owns 287,409 shares in the company, valued at approximately $5,730,935.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,165 shares of company stock worth $1,168,424. 1.07% of the stock is currently owned by company insiders.

Old National Bancorp Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.