Algert Global LLC Takes Position in Old National Bancorp (NASDAQ:ONB)

Algert Global LLC acquired a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 31,887 shares of the bank's stock, valued at approximately $548,000.

Several other hedge funds have also recently bought and sold shares of the company. Forum Financial Management LP increased its stake in Old National Bancorp by 3.9% during the 2nd quarter. Forum Financial Management LP now owns 20,152 shares of the bank's stock valued at $346,000 after buying an additional 748 shares during the period. Ameritas Investment Partners Inc. increased its stake in Old National Bancorp by 1.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank's stock valued at $1,656,000 after buying an additional 919 shares during the period. GAMMA Investing LLC increased its stake in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank's stock valued at $26,000 after buying an additional 1,005 shares during the period. Independence Bank of Kentucky increased its stake in Old National Bancorp by 9.2% during the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank's stock valued at $208,000 after buying an additional 1,006 shares during the period. Finally, Retirement Systems of Alabama increased its stake in Old National Bancorp by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank's stock valued at $6,398,000 after buying an additional 1,009 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Kendra L. Vanzo sold 20,000 shares of Old National Bancorp stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the transaction, the insider now owns 117,676 shares of the company's stock, valued at $2,335,868.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO James A. Sandgren sold 25,000 shares of the business's stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the transaction, the chief executive officer now owns 287,409 shares of the company's stock, valued at approximately $5,730,935.46. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kendra L. Vanzo sold 20,000 shares of the business's stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the transaction, the insider now directly owns 117,676 shares in the company, valued at $2,335,868.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.07% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. StockNews.com cut shares of Old National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, October 1st. Royal Bank of Canada lifted their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 24th. Finally, Barclays lifted their price objective 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Old National Bancorp currently has an average rating of "Moderate Buy" and an average price target of $19.88.

Old National Bancorp Stock Down 0.9 %

Shares of ONB stock traded down $0.17 during trading on Monday, hitting $18.12. 408,897 shares of the company were exchanged, compared to its average volume of 2,018,169. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 9.89 and a beta of 0.83. The business's 50-day simple moving average is $18.76 and its 200 day simple moving average is $17.66. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $20.43.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.02. The firm had revenue of $750.93 million during the quarter, compared to analysts' expectations of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. During the same period in the previous year, the company earned $0.54 earnings per share. As a group, analysts forecast that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, September 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp's dividend payout ratio is 30.27%.

About Old National Bancorp

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.