LRI Investments LLC Makes New Investment in Old National Bancorp (NASDAQ:ONB)

LRI Investments LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,758 shares of the bank’s stock, valued at approximately $48,000.

A number of other large investors also recently made changes to their positions in the business. Parkside Financial Bank & Trust lifted its stake in shares of Old National Bancorp by 24.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after purchasing an additional 650 shares during the period. Ameritas Investment Partners Inc. increased its holdings in shares of Old National Bancorp by 1.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock worth $1,656,000 after buying an additional 919 shares during the last quarter. Independence Bank of Kentucky increased its holdings in shares of Old National Bancorp by 9.2% during the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock worth $208,000 after buying an additional 1,006 shares during the last quarter. Retirement Systems of Alabama increased its holdings in shares of Old National Bancorp by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock worth $6,398,000 after buying an additional 1,009 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of Old National Bancorp by 14.5% during 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. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

ONB has been the subject of a number of research analyst reports. Hovde Group initiated coverage on Old National Bancorp in a report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective for the company. Royal Bank of Canada increased their price target on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. 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. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.63.

Old National Bancorp Stock Up 1.5 %

Shares of ONB stock traded up $0.29 during trading hours on Friday, hitting $20.22. 2,663,771 shares of the company were exchanged, compared to its average volume of 2,688,209. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.94. Old National Bancorp has a one year low of $12.36 and a one year high of $20.38. The business’s 50-day simple moving average is $17.32 and its two-hundred day simple moving average is $16.84. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of 10.93 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. Old National Bancorp had a return on equity of 15.42% and a net margin of 18.83%. The company had revenue of $750.93 million during the quarter, compared to the consensus estimate of $474.10 million. During the same period in the previous year, the firm posted $0.54 earnings per share. Sell-side analysts predict that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.77%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is 30.27%.

Insider Transactions at Old National Bancorp

In other news, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 50,001 shares in the company, valued at $795,015.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.07% of the company’s stock.

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.