Elizabeth Park Capital Advisors Ltd. Lowers Position in Old National Bancorp (NASDAQ:ONB)

Elizabeth Park Capital Advisors Ltd. lessened its stake in Old National Bancorp (NASDAQ:ONB) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 175,600 shares of the bank’s stock after selling 2,500 shares during the period. Old National Bancorp makes up approximately 3.1% of Elizabeth Park Capital Advisors Ltd.’s holdings, making the stock its 7th largest position. Elizabeth Park Capital Advisors Ltd.’s holdings in Old National Bancorp were worth $3,811,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ONB. Lee Danner & Bass Inc. bought a new stake in shares of Old National Bancorp in the fourth quarter worth $25,000. Empowered Funds LLC bought a new position in shares of Old National Bancorp in the 4th quarter worth approximately $28,000. Versant Capital Management Inc boosted its holdings in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after buying an additional 615 shares during the last quarter. UMB Bank n.a. grew its position in Old National Bancorp by 58.9% during the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after buying an additional 663 shares during the period. Finally, Bank of Jackson Hole Trust bought a new position in Old National Bancorp in the fourth quarter worth approximately $65,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Old National Bancorp Price Performance

ONB stock opened at $17.97 on Friday. The company has a market capitalization of $5.73 billion, a PE ratio of 10.70 and a beta of 0.82. The company’s fifty day moving average price is $22.44 and its 200-day moving average price is $21.44. Old National Bancorp has a one year low of $15.38 and a one year high of $24.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the previous year, the business earned $0.46 EPS. On average, equities analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.12%. Old National Bancorp’s dividend payout ratio is currently 33.33%.

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.