Deprince Race & Zollo Inc. Reduces Stake in Old National Bancorp (ONB)
Deprince Race & Zollo Inc. decreased its position in Old National Bancorp (NASDAQ:ONB) by 11.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,757,279 shares of the bank’s stock after selling 217,849 shares during the period. Deprince Race & Zollo Inc. owned approximately 1.30% of Old National Bancorp worth $30,313,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Meadow Creek Investment Management LLC increased its position in Old National Bancorp by 26.0% in the first quarter. Meadow Creek Investment Management LLC now owns 5,968 shares of the bank’s stock worth $104,000 after buying an additional 1,232 shares during the period. North Star Investment Management Corp. increased its position in Old National Bancorp by 25.2% in the first quarter. North Star Investment Management Corp. now owns 6,077 shares of the bank’s stock worth $105,000 after buying an additional 1,225 shares during the period. Neuburgh Advisers LLC increased its position in Old National Bancorp by 26.0% in the first quarter. Neuburgh Advisers LLC now owns 8,206 shares of the bank’s stock worth $142,000 after buying an additional 1,694 shares during the period. Stifel Financial Corp purchased a new position in Old National Bancorp during the first quarter worth $178,000. Finally, Tyers Asset Management LLC increased its position in Old National Bancorp by 26.0% in the first quarter. Tyers Asset Management LLC now owns 10,444 shares of the bank’s stock worth $181,000 after buying an additional 2,156 shares during the period. 71.26% of the stock is currently owned by institutional investors and hedge funds.
Shares of Old National Bancorp (NASDAQ:ONB) opened at 16.60 on Thursday. The firm’s 50-day moving average price is $16.82 and its 200-day moving average price is $17.13. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 15.76 and a beta of 1.10. Old National Bancorp has a one year low of $13.49 and a one year high of $18.95.
Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. Old National Bancorp had a net margin of 21.02% and a return on equity of 8.25%. The firm had revenue of $153.60 million during the quarter, compared to the consensus estimate of $153.57 million. During the same quarter in the previous year, the firm posted $0.31 EPS. Analysts anticipate that Old National Bancorp will post $1.06 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Wednesday, August 30th. Old National Bancorp’s payout ratio is 49.52%.
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A number of research analysts recently weighed in on the company. Zacks Investment Research downgraded Old National Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, May 13th. BidaskClub raised Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. 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. Hilliard Lyons raised Old National Bancorp from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $17.00 to $17.50 in a research note on Thursday, April 27th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $18.00 price target on shares of Old National Bancorp in a research note on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $18.30.
In other news, insider John R. Kamin sold 5,531 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $16.56, for a total transaction of $91,593.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have sold 13,863 shares of company stock valued at $232,637. Insiders own 1.79% of the company’s stock.
About Old National Bancorp
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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