ARGA Investment Management LP Purchases New Holdings in Old National Bancorp (NASDAQ:ONB)

ARGA Investment Management LP purchased a new stake in shares of Old National Bancorp (NASDAQ:ONB) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 82,370 shares of the bank’s stock, valued at approximately $1,391,000.

Other large investors also recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC raised its holdings in Old National Bancorp by 179.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 44,020 shares of the bank’s stock worth $743,000 after buying an additional 28,288 shares during the last quarter. Forum Financial Management LP raised its holdings in Old National Bancorp by 10.1% in the fourth quarter. Forum Financial Management LP now owns 19,384 shares of the bank’s stock worth $327,000 after buying an additional 1,783 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Old National Bancorp by 6.3% in the fourth 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 during the last quarter. QRG Capital Management Inc. grew its stake in shares of Old National Bancorp by 23.3% in the fourth quarter. QRG Capital Management Inc. now owns 30,506 shares of the bank’s stock worth $515,000 after acquiring an additional 5,760 shares during the period. Finally, Channing Capital Management LLC grew its stake in shares of Old National Bancorp by 33.9% in the fourth quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock worth $84,203,000 after acquiring an additional 1,263,060 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Old National Bancorp

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 transaction of $803,825.00. Following the sale, the chief financial officer now owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ONB shares. UBS Group reduced their price target on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $20.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 9th. Finally, Stephens cut their target price on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.86.

Old National Bancorp Price Performance

Shares of ONB stock traded down $0.09 during mid-day trading on Thursday, hitting $17.49. The company had a trading volume of 948,721 shares, compared to its average volume of 2,132,525. Old National Bancorp has a 52-week low of $12.21 and a 52-week high of $17.82. The stock’s 50 day moving average price is $16.68 and its 200-day moving average price is $16.22. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $5.58 billion, a P/E ratio of 9.44 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its 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. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The firm had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. During the same quarter in the previous year, the firm earned $0.54 earnings per share. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. Equities research analysts forecast that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s payout ratio is 30.27%.

Old National Bancorp Company 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.