Deprince Race & Zollo Inc. Reduces Position in Old National Bancorp (NASDAQ:ONB)

Deprince Race & Zollo Inc. decreased its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 2.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,279,011 shares of the bank’s stock after selling 34,236 shares during the quarter. Deprince Race & Zollo Inc. owned about 0.40% of Old National Bancorp worth $21,986,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Norges Bank purchased a new stake in shares of Old National Bancorp in the fourth quarter valued at about $55,808,000. UBS Group AG grew its holdings in shares of Old National Bancorp by 363.3% in the fourth quarter. UBS Group AG now owns 444,001 shares of the bank’s stock valued at $7,499,000 after purchasing an additional 348,159 shares during the period. US Bancorp DE grew its holdings in shares of Old National Bancorp by 22.6% in the fourth quarter. US Bancorp DE now owns 45,411 shares of the bank’s stock valued at $767,000 after purchasing an additional 8,356 shares during the period. SageView Advisory Group LLC purchased a new stake in shares of Old National Bancorp in the fourth quarter valued at about $301,000. Finally, Hsbc Holdings PLC grew its holdings in shares of Old National Bancorp by 330.1% in the fourth quarter. Hsbc Holdings PLC now owns 93,149 shares of the bank’s stock valued at $1,581,000 after purchasing an additional 71,489 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

Shares of ONB opened at $18.47 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.96. The firm has a market cap of $5.89 billion, a PE ratio of 9.98 and a beta of 0.83. The company’s 50 day simple moving average is $18.98 and its 200-day simple moving average is $17.56. Old National Bancorp has a 12-month low of $12.36 and a 12-month high of $20.43.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.02. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. The firm had revenue of $750.93 million during the quarter, compared to the consensus estimate of $474.10 million. During the same period last year, the company earned $0.54 earnings per share. As a group, equities analysts predict that Old National Bancorp will post 1.85 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 30.27%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Royal Bank of Canada upped their target price on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Hovde Group began coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 target price on the stock. Finally, Barclays increased their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.63.

Insider Buying and Selling at Old National Bancorp

In other news, insider Kendra L. Vanzo sold 20,000 shares of Old National Bancorp stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the transaction, the insider now owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Kendra L. Vanzo sold 20,000 shares of Old National Bancorp stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the sale, the insider now owns 117,676 shares in the company, valued at approximately $2,335,868.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of Old National Bancorp stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the sale, the chief executive officer now owns 287,409 shares of the company’s stock, valued at approximately $5,730,935.46. The disclosure for this sale can be found here. 1.07% of the stock is owned by corporate insiders.

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.