Accredited Investors Inc. Invests $5.48 Million in Old National Bancorp (NASDAQ:ONB)

Accredited Investors Inc. acquired a new position in Old National Bancorp (NASDAQ:ONB) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 293,406 shares of the bank’s stock, valued at approximately $5,475,000. Accredited Investors Inc. owned about 0.09% of Old National Bancorp at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ONB. International Assets Investment Management LLC increased its holdings in shares of Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after buying an additional 1,325 shares during the last quarter. GAMMA Investing LLC increased its stake in Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,005 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in Old National Bancorp during the second quarter valued at about $28,000. LRI Investments LLC bought a new stake in Old National Bancorp during the first quarter worth about $48,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Old National Bancorp in the 2nd quarter worth about $103,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $21.23 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $22.75. The firm has a market cap of $6.77 billion, a PE ratio of 12.87 and a beta of 0.82. The business has a 50 day moving average price of $19.28 and a 200-day moving average price of $18.33.

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

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be paid a $0.14 dividend. The ex-dividend date is Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.64%. Old National Bancorp’s payout ratio is presently 33.94%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ONB. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Royal Bank of Canada boosted their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Finally, Barclays increased their target price on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. One 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.