Heartland Advisors Inc. Has $5.56 Million Stake in Old National Bancorp (ONB)
Heartland Advisors Inc. cut its stake in Old National Bancorp (NASDAQ:ONB) by 21.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 322,459 shares of the bank’s stock after selling 89,134 shares during the period. Heartland Advisors Inc. owned 0.24% of Old National Bancorp worth $5,562,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Swiss National Bank increased its position in Old National Bancorp by 1.7% in the first quarter. Swiss National Bank now owns 211,084 shares of the bank’s stock valued at $3,662,000 after buying an additional 3,600 shares during the period. BNP Paribas Arbitrage SA increased its position in Old National Bancorp by 8.2% in the first quarter. BNP Paribas Arbitrage SA now owns 27,337 shares of the bank’s stock valued at $474,000 after buying an additional 2,069 shares during the period. Suntrust Banks Inc. increased its position in Old National Bancorp by 0.5% in the first quarter. Suntrust Banks Inc. now owns 21,217 shares of the bank’s stock valued at $368,000 after buying an additional 114 shares during the period. Bank of New York Mellon Corp increased its position in Old National Bancorp by 51.7% in the first quarter. Bank of New York Mellon Corp now owns 3,030,358 shares of the bank’s stock valued at $52,576,000 after buying an additional 1,032,164 shares during the period. Finally, US Bancorp DE increased its position in Old National Bancorp by 58.9% in the first quarter. US Bancorp DE now owns 10,714 shares of the bank’s stock valued at $185,000 after buying an additional 3,970 shares during the period. 72.90% of the stock is currently owned by institutional investors and hedge funds.
Old National Bancorp (NASDAQ ONB) opened at 16.45 on Friday. Old National Bancorp has a 12 month low of $13.53 and a 12 month high of $18.95. The company’s 50-day moving average is $16.51 and its 200-day moving average is $17.01. The stock has a market capitalization of $2.23 billion, a P/E ratio of 15.62 and a beta of 1.08.
Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, July 25th. The bank reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. Old National Bancorp had a return on equity of 8.25% and a net margin of 21.02%. The business had revenue of $153.60 million during the quarter, compared to analysts’ expectations of $153.57 million. During the same period in the prior year, the business earned $0.31 EPS. Equities analysts anticipate that Old National Bancorp will post $1.06 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.13 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.52 dividend on an annualized basis and a yield of 3.16%. Old National Bancorp’s payout ratio is 49.52%.
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A number of brokerages recently commented on ONB. BidaskClub raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods reaffirmed a “hold – neutral” rating on shares of Old National Bancorp in a research report on Monday, June 12th. Jefferies Group LLC reaffirmed a “hold” rating and set a $18.00 price objective on shares of Old National Bancorp in a research report on Sunday, June 11th. Zacks Investment Research raised shares of Old National Bancorp from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Wednesday, June 28th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $18.00 price objective on shares of Old National Bancorp in a research report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. Old National Bancorp has a consensus rating of “Hold” and an average price target of $18.30.
In related news, insider John R. Kamin sold 5,531 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $16.56, for a total transaction of $91,593.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.79% of the stock is currently owned by corporate insiders.
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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