99,578 Old National Bancorp $ONB Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC reduced its stake in shares of Old National Bancorp (NASDAQ:ONB) by 3.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,743,919 shares of the bank’s stock after selling 99,578 shares during the period. Pzena Investment Management LLC’s holdings in Old National Bancorp were worth $67,610,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Fortitude Family Office LLC lifted its stake in shares of Old National Bancorp by 313.5% in the third quarter. Fortitude Family Office LLC now owns 1,075 shares of the bank’s stock valued at $26,000 after purchasing an additional 815 shares during the period. Archer Investment Corp purchased a new position in Old National Bancorp in the 2nd quarter valued at approximately $39,000. Integrated Wealth Concepts LLC acquired a new position in Old National Bancorp during the second quarter worth $41,000. FNY Investment Advisers LLC acquired a new position in Old National Bancorp during the second quarter worth $49,000. Finally, Root Financial Partners LLC purchased a new stake in Old National Bancorp during the third quarter worth $53,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO John Moran sold 19,261 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $25.57, for a total transaction of $492,503.77. Following the completion of the transaction, the chief financial officer directly owned 101,467 shares in the company, valued at approximately $2,594,511.19. This represents a 15.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by company insiders.

Old National Bancorp Price Performance

ONB opened at $25.89 on Thursday. Old National Bancorp has a 1 year low of $19.60 and a 1 year high of $27.36. The company’s 50 day simple moving average is $25.21 and its 200 day simple moving average is $24.65. The stock has a market capitalization of $9.79 billion, a PE ratio of 10.57 and a beta of 0.88. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.93 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, October 21st. The bank reported $0.66 EPS for the quarter, hitting the consensus estimate of $0.66. The firm had revenue of $719.00 million during the quarter, compared to analyst estimates of $732.04 million. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. During the same quarter in the prior year, the business posted $0.59 earnings per share. As a group, sell-side analysts expect that Old National Bancorp will post 2.57 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were given a $0.1450 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Friday, September 4th. Old National Bancorp’s dividend payout ratio is presently 23.67%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ONB. Piper Sandler assumed coverage on Old National Bancorp in a report on Thursday, September 17th. They issued an “overweight” rating and a $32.00 target price on the stock. Weiss Ratings upgraded shares of Old National Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, October 26th. Truist Financial upped their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. reduced their price target on shares of Old National Bancorp from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday, October 22nd. Finally, Citigroup lowered their price target on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, September 22nd. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.64.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.