Hudson Edge Investment Partners Inc. Takes $333,000 Position in Old National Bancorp (NASDAQ:ONB)

Hudson Edge Investment Partners Inc. acquired a new stake in Old National Bancorp (NASDAQ:ONBFree Report) during the 4th quarter, Holdings Channel.com reports. The firm acquired 19,744 shares of the bank’s stock, valued at approximately $333,000.

Several other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in Old National Bancorp in the 4th quarter valued at about $55,808,000. Channing Capital Management LLC grew its holdings in shares of Old National Bancorp by 550.2% in the third quarter. Channing Capital Management LLC now owns 3,722,335 shares of the bank’s stock valued at $54,123,000 after purchasing an additional 3,149,806 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Old National Bancorp by 293.4% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,349,974 shares of the bank’s stock worth $19,628,000 after buying an additional 1,006,825 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Old National Bancorp by 6.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock worth $241,176,000 after buying an additional 841,195 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its position in Old National Bancorp by 446.9% in the 3rd quarter. New York State Common Retirement Fund now owns 906,229 shares of the bank’s stock valued at $13,177,000 after buying an additional 740,530 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Down 1.4 %

Old National Bancorp stock traded down $0.23 during mid-day trading on Tuesday, hitting $16.53. The company had a trading volume of 1,700,533 shares, compared to its average volume of 2,049,568. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of 8.94 and a beta of 0.83. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. Old National Bancorp has a 1 year low of $12.36 and a 1 year high of $17.82. The business has a fifty day moving average of $16.77 and a 200 day moving average of $16.50.

Old National Bancorp (NASDAQ:ONBGet Free Report) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. The firm had revenue of $440.20 million for the quarter, compared to analyst estimates of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. Old National Bancorp’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period last year, the business earned $0.54 EPS. On average, sell-side analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, June 5th will be paid a dividend of $0.14 per share. The ex-dividend date is Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 3.39%. Old National Bancorp’s dividend payout ratio is presently 30.27%.

Analysts Set New Price Targets

ONB has been the topic of a number of recent research reports. Barclays upped their price objective on Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price target on shares of Old National Bancorp in a report on Tuesday, April 9th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Finally, Hovde Group assumed coverage on shares of Old National Bancorp in a research note on Monday. They issued an “outperform” rating and a $20.00 price target for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Check Out Our Latest Stock Analysis on Old National Bancorp

Insiders Place Their Bets

In related news, CFO Brendon B. Falconer sold 49,375 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the sale, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.07% of the stock is currently owned by corporate insiders.

Old National Bancorp Profile

(Free Report)

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.

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Want to see what other hedge funds are holding ONB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old National Bancorp (NASDAQ:ONBFree Report).

Institutional Ownership by Quarter for Old National Bancorp (NASDAQ:ONB)

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