First Hawaiian Bank Invests $578,000 in Old National Bancorp (NASDAQ:ONB)

First Hawaiian Bank bought a new position in shares of Old National Bancorp (NASDAQ:ONBGet Rating) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 35,312 shares of the bank’s stock, valued at approximately $578,000.

Several other institutional investors have also added to or reduced their stakes in ONB. Invesco Ltd. grew its holdings in shares of Old National Bancorp by 110.7% during the third quarter. Invesco Ltd. now owns 846,842 shares of the bank’s stock worth $14,354,000 after buying an additional 445,009 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Old National Bancorp by 45.8% in the third quarter. Millennium Management LLC now owns 820,738 shares of the bank’s stock valued at $13,912,000 after purchasing an additional 257,886 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Old National Bancorp in the third quarter valued at about $576,000. Voloridge Investment Management LLC grew its holdings in shares of Old National Bancorp by 160.1% in the third quarter. Voloridge Investment Management LLC now owns 271,975 shares of the bank’s stock valued at $4,610,000 after purchasing an additional 167,400 shares during the period. Finally, Two Sigma Investments LP purchased a new stake in shares of Old National Bancorp in the third quarter valued at about $947,000. 78.66% of the stock is owned by institutional investors and hedge funds.

ONB has been the subject of a number of analyst reports. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, May 31st. Stephens raised shares of Old National Bancorp from an “equal weight” rating to an “overweight” rating and set a $19.00 price objective for the company in a report on Friday, May 13th. Finally, TheStreet lowered shares of Old National Bancorp from a “b” rating to a “c+” rating in a report on Friday, May 27th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.50.

In other news, CEO James C. Ryan III bought 6,550 shares of Old National Bancorp stock in a transaction that occurred on Thursday, April 28th. The shares were purchased at an average price of $15.24 per share, with a total value of $99,822.00. Following the completion of the acquisition, the chief executive officer now directly owns 124,614 shares in the company, valued at $1,899,117.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brendon B. Falconer bought 3,000 shares of Old National Bancorp stock in a transaction that occurred on Monday, May 2nd. The stock was purchased at an average cost of $15.24 per share, for a total transaction of $45,720.00. Following the acquisition, the chief financial officer now owns 3,000 shares of the company’s stock, valued at $45,720. The disclosure for this purchase can be found here. Insiders have bought 24,720 shares of company stock worth $377,713 in the last three months. Corporate insiders own 0.70% of the company’s stock.

Shares of ONB stock opened at $14.86 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $4.35 billion, a PE ratio of 14.57 and a beta of 0.80. The company has a 50-day moving average of $15.42 and a two-hundred day moving average of $17.03. Old National Bancorp has a 1-year low of $14.22 and a 1-year high of $20.81.

Old National Bancorp (NASDAQ:ONBGet Rating) last announced its earnings results on Tuesday, April 26th. The bank reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.06. The company had revenue of $291.80 million during the quarter, compared to analyst estimates of $275.50 million. Old National Bancorp had a net margin of 17.40% and a return on equity of 8.31%. Old National Bancorp’s revenue was up 40.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.52 earnings per share. Sell-side analysts anticipate that Old National Bancorp will post 1.74 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Wednesday, June 1st were given a dividend of $0.14 per share. The ex-dividend date was Tuesday, May 31st. This represents a $0.56 annualized dividend and a dividend yield of 3.77%. Old National Bancorp’s dividend payout ratio is presently 54.90%.

Old National Bancorp Company Profile (Get Rating)

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, letters of credit, and lease financing.

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Institutional Ownership by Quarter for Old National Bancorp (NASDAQ:ONB)

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