Huber Capital Management LLC Makes New Investment in Old National Bancorp (NASDAQ:ONB)

Huber Capital Management LLC purchased a new stake in Old National Bancorp (NASDAQ:ONB) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 55,856 shares of the bank’s stock, valued at approximately $960,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 12.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after acquiring an additional 1,896,748 shares during the last quarter. American Century Companies Inc. lifted 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 worth $242,795,000 after buying an additional 441,887 shares during the last quarter. Verition Fund Management LLC boosted its holdings in shares of Old National Bancorp by 48.9% in 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. Bank of New York Mellon Corp grew its position in shares of Old National Bancorp by 6.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock valued at $60,923,000 after buying an additional 203,088 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC raised its stake in Old National Bancorp by 0.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 3,305,752 shares of the bank’s stock worth $57,553,000 after acquiring an additional 25,519 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insiders Place Their Bets

In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the completion of the transaction, the chief executive officer now owns 287,409 shares in the company, valued at $5,730,935.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Kendra L. Vanzo sold 20,000 shares of Old National Bancorp stock in a transaction 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 directly owns 117,676 shares of the company’s stock, valued at $2,335,868.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of the company’s 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 completion of 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. 1.07% of the stock is currently owned by insiders.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $19.04 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 10.29 and a beta of 0.83. The firm’s fifty day moving average price is $19.02 and its 200 day moving average price is $17.52. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $20.43.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping the consensus estimate of $0.44 by $0.02. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. The company had revenue of $750.93 million during the quarter, compared to analysts’ expectations of $474.10 million. During the same quarter last year, the business earned $0.54 EPS. On average, sell-side analysts expect that Old National Bancorp will post 1.85 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp’s dividend payout ratio is presently 30.27%.

Analyst Ratings Changes

Several research firms have issued reports on ONB. 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 price objective for the company. Royal Bank of Canada upped their target price 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 raised their price target on Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Finally, StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.63.

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.