Old National Bancorp (NASDAQ:ONB) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC reduced its stake in Old National Bancorp (NASDAQ:ONB) by 5.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,983,728 shares of the bank’s stock after selling 159,745 shares during the quarter. Pzena Investment Management LLC owned about 0.94% of Old National Bancorp worth $55,676,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ONB. International Assets Investment Management LLC boosted its holdings in Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after buying an additional 1,325 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Old National Bancorp by 194.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,005 shares in the last quarter. HHM Wealth Advisors LLC acquired a new position in Old National Bancorp in the 2nd quarter worth about $28,000. LRI Investments LLC purchased a new stake in shares of Old National Bancorp in the first quarter valued at approximately $48,000. Finally, Quest Partners LLC acquired a new stake in Old National Bancorp in the 3rd quarter valued at $91,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Price Performance

Old National Bancorp stock remained flat at $20.97 during mid-day trading on Wednesday. 197,182 shares of the company’s stock were exchanged, compared to its average volume of 2,062,437. The business’s 50-day simple moving average is $19.38 and its 200-day simple moving average is $18.40. Old National Bancorp has a 12 month low of $14.32 and a 12 month high of $22.75. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $6.69 billion, a P/E ratio of 12.71 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. Old National Bancorp’s revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.51 earnings per share. On average, equities analysts forecast that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.67%. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Barclays increased their target price on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada upped their price objective on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.43.

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.