Victory Capital Management Inc. Acquires 4,303,071 Shares of Old National Bancorp (NASDAQ:ONB)

Victory Capital Management Inc. raised its holdings in Old National Bancorp (NASDAQ:ONB) by 147.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 7,225,093 shares of the bank’s stock after purchasing an additional 4,303,071 shares during the quarter. Victory Capital Management Inc.’s holdings in Old National Bancorp were worth $134,820,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ONB. Dimensional Fund Advisors LP lifted its position in Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after purchasing an additional 1,896,748 shares during the period. Point72 Asset Management L.P. lifted its holdings in Old National Bancorp by 6,650.2% in the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after buying an additional 1,256,892 shares during the period. New York State Common Retirement Fund boosted its stake in Old National Bancorp by 469.7% in the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock valued at $19,400,000 after acquiring an additional 857,158 shares during the last quarter. Equitable Trust Co. acquired a new stake in Old National Bancorp during the 2nd quarter worth $8,681,000. Finally, American Century Companies Inc. raised its position in shares of Old National Bancorp by 3.2% during the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after acquiring an additional 441,887 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $22.38 on Wednesday. The company has a fifty day moving average price of $19.11 and a 200 day moving average price of $18.24. Old National Bancorp has a 1-year low of $13.74 and a 1-year high of $22.67. The firm has a market cap of $7.14 billion, a PE ratio of 13.56 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. During the same period last year, the company earned $0.51 earnings per share. Old National Bancorp’s quarterly revenue was up 6.5% on a year-over-year basis. Research analysts predict that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 33.94%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ONB. 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 report on Wednesday, July 24th. Barclays increased their price target on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Finally, StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $20.43.

Old National Bancorp 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.