KLP Kapitalforvaltning AS Makes New $1.41 Million Investment in Old National Bancorp (NASDAQ:ONB)

KLP Kapitalforvaltning AS acquired a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 65,052 shares of the bank's stock, valued at approximately $1,412,000.

A number of other hedge funds have also recently modified their holdings of ONB. Sei Investments Co. increased its holdings in Old National Bancorp by 1.1% in the fourth quarter. Sei Investments Co. now owns 1,436,381 shares of the bank's stock valued at $31,177,000 after buying an additional 15,399 shares in the last quarter. Lee Danner & Bass Inc. purchased a new position in shares of Old National Bancorp in the 4th quarter valued at about $25,000. Xponance Inc. raised its holdings in Old National Bancorp by 4.6% in the 4th quarter. Xponance Inc. now owns 44,862 shares of the bank's stock worth $974,000 after purchasing an additional 1,957 shares during the period. Boston Partners grew its holdings in Old National Bancorp by 2.8% in the fourth quarter. Boston Partners now owns 1,816,554 shares of the bank's stock valued at $39,921,000 after purchasing an additional 48,678 shares during the period. Finally, William Blair Investment Management LLC increased its position in shares of Old National Bancorp by 172.1% in the fourth quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank's stock valued at $119,236,000 after buying an additional 3,474,578 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Old National Bancorp Price Performance

ONB traded down $2.57 during trading on Thursday, reaching $18.78. The company's stock had a trading volume of 4,251,867 shares, compared to its average volume of 2,358,191. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84. The firm has a fifty day simple moving average of $22.54 and a two-hundred day simple moving average of $21.43. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 11.18 and a beta of 0.85. Old National Bancorp has a 1 year low of $15.38 and a 1 year high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same quarter last year, the company earned $0.46 EPS. As a group, analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend was Wednesday, March 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 33.33%.

Analyst Ratings Changes

Several equities research analysts recently commented on ONB shares. Raymond James cut their price target on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a report on Wednesday. Stephens reiterated an "overweight" rating and issued a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Royal Bank of Canada restated a "sector perform" rating and set a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Barclays lifted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock an "overweight" rating in a report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $26.00.

Old National Bancorp 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.