Netols Asset Management Inc. Lowers Stake in Old National Bancorp (ONB)
Netols Asset Management Inc. lowered its stake in Old National Bancorp (NASDAQ:ONB) by 8.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 384,711 shares of the bank’s stock after selling 33,925 shares during the period. Old National Bancorp accounts for approximately 1.5% of Netols Asset Management Inc.’s investment portfolio, making the stock its 28th largest position. Netols Asset Management Inc. owned about 0.28% of Old National Bancorp worth $6,675,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the company. OLD National Bancorp IN raised its stake in Old National Bancorp by 3.9% in the third quarter. OLD National Bancorp IN now owns 1,958,016 shares of the bank’s stock valued at $27,530,000 after buying an additional 74,245 shares in the last quarter. BlackRock Inc. increased its position in shares of Old National Bancorp by 4.9% in the third quarter. BlackRock Inc. now owns 33,462 shares of the bank’s stock valued at $470,000 after buying an additional 1,548 shares during the last quarter. Teachers Advisors LLC increased its position in shares of Old National Bancorp by 0.3% in the third quarter. Teachers Advisors LLC now owns 219,545 shares of the bank’s stock valued at $3,087,000 after buying an additional 702 shares during the last quarter. Rhumbline Advisers increased its position in shares of Old National Bancorp by 4.3% in the third quarter. Rhumbline Advisers now owns 207,641 shares of the bank’s stock valued at $2,919,000 after buying an additional 8,589 shares during the last quarter. Finally, BlackRock Group LTD increased its position in shares of Old National Bancorp by 5.3% in the third quarter. BlackRock Group LTD now owns 230,604 shares of the bank’s stock valued at $3,242,000 after buying an additional 11,583 shares during the last quarter. Institutional investors and hedge funds own 72.04% of the company’s stock.
Old National Bancorp (NASDAQ ONB) traded down 1.14% during midday trading on Friday, reaching $17.30. 2,644,670 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $16.67 and a 200 day moving average price of $17.41. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 16.06 and a beta of 1.12. Old National Bancorp has a 12-month low of $11.58 and a 12-month high of $18.95.
Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, April 25th. The bank reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.04. Old National Bancorp had a net margin of 20.00% and a return on equity of 7.81%. The business had revenue of $148.72 million during the quarter, compared to analyst estimates of $152.43 million. During the same period in the prior year, the business earned $0.25 EPS. On average, analysts expect that Old National Bancorp will post $1.06 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were issued a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $0.52 annualized dividend and a yield of 3.01%. Old National Bancorp’s dividend payout ratio (DPR) is presently 48.15%.
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Several equities analysts have recently issued reports on ONB shares. Zacks Investment Research downgraded shares of Old National Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, May 13th. Jefferies Group LLC reaffirmed a “hold” rating and set a $18.00 price target on shares of Old National Bancorp in a research note on Sunday, June 11th. Royal Bank of Canada reaffirmed a “hold” rating and set a $19.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 4th. Hilliard Lyons upgraded shares of Old National Bancorp from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $17.00 to $17.50 in a research report on Thursday, April 27th. Finally, Keefe, Bruyette & Woods reiterated a “hold – neutral” rating on shares of Old National Bancorp in a research report on Monday. Eight investment analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and an average target price of $16.21.
In related news, COO James A. Sandgren acquired 2,200 shares of the firm’s stock in a transaction on Monday, May 1st. The stock was acquired at an average cost of $16.70 per share, for a total transaction of $36,740.00. The purchase was disclosed in a filing with the SEC, which is available at this link. 1.79% of the stock is currently owned by corporate insiders.
Old National Bancorp Company 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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