KLP Kapitalforvaltning AS Invests $1.41 Million in Old National Bancorp (NASDAQ:ONB)

KLP Kapitalforvaltning AS acquired a new stake in Old National Bancorp (NASDAQ:ONB) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 65,052 shares of the bank’s stock, valued at approximately $1,412,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Lee Danner & Bass Inc. acquired a new position in shares of Old National Bancorp during the 4th quarter worth about $25,000. Empowered Funds LLC acquired a new position in Old National Bancorp during the fourth quarter valued at approximately $28,000. Versant Capital Management Inc increased its stake in Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after purchasing an additional 615 shares in the last quarter. UMB Bank n.a. increased its stake in Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after purchasing an additional 663 shares in the last quarter. Finally, Bank of Jackson Hole Trust acquired a new stake in Old National Bancorp in the fourth quarter worth $65,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Trading Down 2.0 %

NASDAQ:ONB opened at $21.03 on Friday. The company has a market cap of $6.71 billion, a P/E ratio of 12.52 and a beta of 0.85. Old National Bancorp has a twelve month low of $15.38 and a twelve month high of $24.49. The business has a 50 day moving average price of $22.76 and a two-hundred day moving average price of $21.39. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same quarter in the previous year, the business earned $0.46 earnings per share. As a group, analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s dividend payout ratio is currently 33.33%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ONB. Barclays upped their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Raymond James reissued a “strong-buy” rating and set a $29.00 target price (up from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Stephens reaffirmed an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.29.

About Old National Bancorp

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.