Envestnet Asset Management Inc. Grows Stake in Old National Bancorp (NASDAQ:ONB)

Envestnet Asset Management Inc. boosted its position in shares of Old National Bancorp (NASDAQ:ONB – Get Rating) by 1.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,497 shares of the bank’s stock after buying an additional 1,459 shares during the period. Envestnet Asset Management Inc.’s holdings in Old National Bancorp were worth $1,573,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ONB. Raymond James & Associates lifted its stake in shares of Old National Bancorp by 579.7% in the 1st quarter. Raymond James & Associates now owns 107,774 shares of the bank’s stock valued at $1,765,000 after purchasing an additional 91,918 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Old National Bancorp by 16.0% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 36,494 shares of the bank’s stock valued at $598,000 after purchasing an additional 5,032 shares during the last quarter. US Bancorp DE lifted its stake in shares of Old National Bancorp by 420.6% during the 1st quarter. US Bancorp DE now owns 42,408 shares of the bank’s stock worth $696,000 after acquiring an additional 34,262 shares during the last quarter. Cetera Advisor Networks LLC lifted its stake in shares of Old National Bancorp by 34.5% during the 1st quarter. Cetera Advisor Networks LLC now owns 14,433 shares of the bank’s stock worth $236,000 after acquiring an additional 3,701 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Old National Bancorp by 97.7% during the 1st quarter. Rhumbline Advisers now owns 953,125 shares of the bank’s stock worth $15,612,000 after acquiring an additional 470,904 shares during the last quarter. 76.41% of the stock is owned by institutional investors.

Old National Bancorp Trading Down 2.8 %

Shares of NASDAQ:ONB opened at $12.66 on Monday. Old National Bancorp has a 12-month low of $11.66 and a 12-month high of $20.19. The business’s fifty day simple moving average is $13.62 and its 200-day simple moving average is $16.47. The company has a market capitalization of $3.70 billion, a PE ratio of 6.30 and a beta of 0.81. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.14.

Old National Bancorp (NASDAQ:ONB – Get Rating) last announced its earnings results on Tuesday, April 25th. The bank reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. Old National Bancorp had a return on equity of 12.73% and a net margin of 28.42%. The firm had revenue of $457.84 million for the quarter, compared to the consensus estimate of $456.00 million. During the same period in the previous year, the business earned $0.40 EPS. The firm’s revenue for the quarter was up 56.9% on a year-over-year basis. As a group, equities research analysts predict that Old National Bancorp will post 2.06 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $0.56 annualized dividend and a yield of 4.42%. Old National Bancorp’s dividend payout ratio (DPR) is 27.86%.

Insider Buying and Selling

In other news, CEO James C. Ryan III purchased 8,200 shares of the stock in a transaction on Thursday, May 4th. The stock was bought at an average price of $12.22 per share, with a total value of $100,204.00. Following the transaction, the chief executive officer now owns 625,066 shares in the company, valued at approximately $7,638,306.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO James C. Ryan III purchased 8,200 shares of the stock in a transaction on Thursday, May 4th. The stock was bought at an average price of $12.22 per share, with a total value of $100,204.00. Following the transaction, the chief executive officer now owns 625,066 shares in the company, valued at approximately $7,638,306.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael L. Scudder sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 23rd. The shares were sold at an average price of $18.00, for a total value of $450,000.00. Following the completion of the transaction, the chairman now directly owns 265,796 shares of the company’s stock, valued at approximately $4,784,328. The disclosure for this sale can be found here. Insiders have acquired a total of 23,200 shares of company stock worth $317,679 in the last ninety days. 0.89% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on ONB. TheStreet downgraded Old National Bancorp from a “b-” rating to a “c+” rating in a report on Friday, May 5th. StockNews.com began coverage on Old National Bancorp in a report on Thursday. They set a “sell” rating on the stock. Keefe, Bruyette & Woods reduced their price objective on Old National Bancorp from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. Finally, UBS Group began coverage on Old National Bancorp in a report on Wednesday, March 15th. They set a “neutral” rating and a $16.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.00.

Old National Bancorp Company Profile

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Old National Bancorp operates as a financial holding company. It engages in the provision of financial and banking solutions. The firm’s Community Banking segment provides commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust and investment advisory services.