Channing Capital Management LLC Has $84.20 Million Stake in Old National Bancorp (NASDAQ:ONB)

Channing Capital Management LLC grew its stake in Old National Bancorp (NASDAQ:ONB) by 33.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,985,395 shares of the bank’s stock after acquiring an additional 1,263,060 shares during the period. Old National Bancorp accounts for about 2.5% of Channing Capital Management LLC’s investment portfolio, making the stock its 3rd biggest position. Channing Capital Management LLC owned approximately 1.70% of Old National Bancorp worth $84,203,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Great Lakes Advisors LLC raised its stake in shares of Old National Bancorp by 1,897.8% in the third quarter. Great Lakes Advisors LLC now owns 286,384 shares of the bank’s stock worth $4,164,000 after acquiring an additional 272,049 shares during the last quarter. Foundry Partners LLC grew its position in shares of Old National Bancorp by 2,494.5% during the 4th quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock worth $8,141,000 after buying an additional 463,449 shares during the period. Federated Hermes Inc. grew its position in shares of Old National Bancorp by 18.7% during the 4th quarter. Federated Hermes Inc. now owns 341,484 shares of the bank’s stock worth $5,768,000 after buying an additional 53,792 shares during the period. New York State Common Retirement Fund grew its position in shares of Old National Bancorp by 31.5% during the 4th quarter. New York State Common Retirement Fund now owns 1,191,832 shares of the bank’s stock worth $20,130,000 after buying an additional 285,603 shares during the period. Finally, Pacer Advisors Inc. grew its position in shares of Old National Bancorp by 79.1% during the 4th quarter. Pacer Advisors Inc. now owns 43,993 shares of the bank’s stock worth $743,000 after buying an additional 19,430 shares during the period. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Trading Up 0.9 %

NASDAQ ONB traded up $0.16 during trading on Friday, reaching $17.19. 1,665,333 shares of the stock traded hands, compared to its average volume of 2,009,929. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of 9.29 and a beta of 0.83. The stock’s 50-day moving average price is $16.52 and its 200 day moving average price is $16.04. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. Old National Bancorp has a fifty-two week low of $11.66 and a fifty-two week high of $17.64.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results 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. The company had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 earnings per share. Analysts predict that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ONB. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a research report on Tuesday, April 2nd. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Friday. Barclays lifted their price target on shares of Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Stephens lowered their price target on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.86.

Insider Activity

In other news, CFO Brendon B. Falconer sold 49,375 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the transaction, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.07% of the company’s stock.

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.