United Services Automobile Association Raises Position in Old National Bancorp (NASDAQ:ONB)

United Services Automobile Association raised its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 29.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 25,235 shares of the bank’s stock after acquiring an additional 5,791 shares during the period. United Services Automobile Association’s holdings in Old National Bancorp were worth $434,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ONB. QRG Capital Management Inc. grew its holdings in shares of Old National Bancorp by 23.3% during the fourth quarter. QRG Capital Management Inc. now owns 30,506 shares of the bank’s stock worth $515,000 after purchasing an additional 5,760 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in Old National Bancorp by 179.8% in the 4th 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 in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Old National Bancorp by 14.5% in the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after buying an additional 1,020 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in shares of Old National Bancorp by 9.9% in the 4th quarter. First Eagle Investment Management LLC now owns 349,348 shares of the bank’s stock worth $5,900,000 after buying an additional 31,331 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Old National Bancorp during the 4th quarter worth $55,808,000. 83.66% of the stock is currently owned by institutional investors.

Insider Transactions at Old National Bancorp

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

Analysts Set New Price Targets

ONB has been the topic of a number of research analyst reports. Hovde Group began coverage on 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. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. Royal Bank of Canada boosted their target price on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Finally, Barclays increased their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $19.63.

Old National Bancorp Price Performance

ONB opened at $18.25 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.93. Old National Bancorp has a 1 year low of $12.36 and a 1 year high of $20.43. The stock’s 50 day simple moving average is $18.80 and its 200 day simple moving average is $17.40. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of 9.86 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.02. The firm had revenue of $750.93 million for the quarter, compared to analysts’ expectations 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 earned $0.54 earnings per share. As a group, analysts predict that Old National Bancorp will post 1.85 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Thursday, September 5th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend is Thursday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is 30.27%.

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.