Hennessy Advisors Inc. Purchases 8,000 Shares of Old National Bancorp (NASDAQ:ONB)

Hennessy Advisors Inc. grew its position in Old National Bancorp (NASDAQ:ONB) by 7.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 123,000 shares of the bank’s stock after acquiring an additional 8,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Old National Bancorp were worth $2,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in Old National Bancorp during the fourth quarter valued at $55,808,000. Channing Capital Management LLC raised its position in shares of Old National Bancorp by 33.9% during the 4th quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock valued at $84,203,000 after buying an additional 1,263,060 shares in the last quarter. Verition Fund Management LLC raised its position in shares of Old National Bancorp by 48.9% during the 4th quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after buying an additional 1,240,952 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Old National Bancorp by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock valued at $241,176,000 after acquiring an additional 841,195 shares during the last quarter. Finally, UBS Group AG grew its position in Old National Bancorp by 363.3% in the fourth quarter. UBS Group AG now owns 444,001 shares of the bank’s stock worth $7,499,000 after acquiring an additional 348,159 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the transaction, the chief executive officer now owns 287,409 shares in the company, valued at $5,730,935.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the sale, the chief executive officer now owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total value of $498,500.00. Following the sale, the chief executive officer now directly owns 287,409 shares in the company, valued at approximately $5,730,935.46. The disclosure for this sale can be found here. Insiders have sold a total of 62,165 shares of company stock valued at $1,168,424 over the last quarter. 1.07% of the stock is owned by corporate insiders.

Old National Bancorp Stock Up 4.8 %

NASDAQ:ONB opened at $19.58 on Friday. The company has a market cap of $6.25 billion, a price-to-earnings ratio of 10.58 and a beta of 0.83. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $20.43. 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 stock has a fifty day simple moving average of $18.05 and a 200-day simple moving average of $17.09.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. The company had revenue of $750.93 million during the quarter, compared to analyst estimates of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. During the same quarter last year, the business posted $0.54 EPS. Analysts anticipate that Old National Bancorp will post 1.85 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, September 5th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.86%. Old National Bancorp’s payout ratio is 30.27%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Royal Bank of Canada upped their price objective on 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. Barclays increased their price target on Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, June 24th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Hovde Group initiated coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They issued an “outperform” rating and a $20.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $19.63.

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.