Studio Investment Management LLC Buys 524 Shares of Old National Bancorp (NASDAQ:ONB)

Studio Investment Management LLC lifted its position in Old National Bancorp (NASDAQ:ONB) by 2.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 20,803 shares of the bank’s stock after acquiring an additional 524 shares during the period. Studio Investment Management LLC’s holdings in Old National Bancorp were worth $388,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ONB. CWM LLC grew its position in shares of Old National Bancorp by 0.7% in the 3rd quarter. CWM LLC now owns 87,365 shares of the bank’s stock valued at $1,630,000 after acquiring an additional 591 shares during the period. Forum Financial Management LP grew its holdings in Old National Bancorp by 3.9% during the second quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock worth $346,000 after purchasing an additional 748 shares during the period. GAMMA Investing LLC increased its position in Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares during the last quarter. Securian Asset Management Inc. increased its position in Old National Bancorp by 4.6% during the second quarter. Securian Asset Management Inc. now owns 25,186 shares of the bank’s stock worth $433,000 after buying an additional 1,119 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Old National Bancorp by 1.2% in the second quarter. Envestnet Asset Management Inc. now owns 105,231 shares of the bank’s stock valued at $1,809,000 after buying an additional 1,207 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

ONB opened at $21.65 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 52-week low of $14.32 and a 52-week high of $22.75. The firm has a market cap of $6.91 billion, a P/E ratio of 13.12 and a beta of 0.82. The business’s fifty day moving average is $19.55 and its 200-day moving average is $18.47.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. The firm had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 earnings per share. Sell-side analysts expect that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.59%. Old National Bancorp’s dividend payout ratio (DPR) is 33.94%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ONB. Barclays raised their target price on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

Old National Bancorp Company 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.