Wedge Capital Management L L P NC Buys 8,492 Shares of Old National Bancorp (NASDAQ:ONB)

Wedge Capital Management L L P NC boosted its stake in Old National Bancorp (NASDAQ:ONB) by 14.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,653 shares of the bank’s stock after acquiring an additional 8,492 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Old National Bancorp were worth $1,143,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Parkside Financial Bank & Trust grew its stake in shares of Old National Bancorp by 57.2% in the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after buying an additional 949 shares in the last quarter. Legacy Wealth Asset Management LLC acquired a new stake in shares of Old National Bancorp in the fourth quarter valued at approximately $181,000. Trust Point Inc. acquired a new stake in shares of Old National Bancorp in the fourth quarter valued at approximately $189,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of Old National Bancorp in the fourth quarter valued at approximately $192,000. Finally, Lynch & Associates IN raised its position in shares of Old National Bancorp by 18.9% in the third quarter. Lynch & Associates IN now owns 12,167 shares of the bank’s stock valued at $177,000 after buying an additional 1,932 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $16.66 on Friday. The firm’s 50-day moving average price is $16.47 and its 200-day moving average price is $15.91. Old National Bancorp has a 1-year low of $11.66 and a 1-year high of $17.64. The firm has a market capitalization of $4.89 billion, a P/E ratio of 9.01 and a beta of 0.83. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.95.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 16.06%. The firm had revenue of $440.20 million for the quarter, compared to analyst estimates of $440.00 million. During the same quarter in the prior year, the business earned $0.54 earnings per share. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. Equities research analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.56 annualized dividend and a dividend yield of 3.36%. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ONB. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday. Barclays boosted their target price on shares of Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday. Stephens decreased their target price on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.86.

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.