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

Channing Capital Management LLC grew its stake in shares of Old National Bancorp (NASDAQ:ONB) by 33.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 4,985,395 shares of the bank’s stock after purchasing an additional 1,263,060 shares during the period. Old National Bancorp comprises approximately 2.5% of Channing Capital Management LLC’s portfolio, making the stock its 3rd biggest position. Channing Capital Management LLC’s holdings in Old National Bancorp were worth $84,203,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its holdings in shares of Old National Bancorp by 24.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock valued at $55,000 after acquiring an additional 650 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Old National Bancorp by 5.9% in the third quarter. PNC Financial Services Group Inc. now owns 15,633 shares of the bank’s stock valued at $227,000 after acquiring an additional 876 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Old National Bancorp by 1.4% in the third quarter. Arizona State Retirement System now owns 83,312 shares of the bank’s stock valued at $1,211,000 after acquiring an additional 1,125 shares in the last quarter. Retirement Systems of Alabama grew its holdings in shares of Old National Bancorp by 0.3% in the fourth quarter. Retirement Systems of Alabama now owns 366,492 shares of the bank’s stock valued at $6,190,000 after acquiring an additional 1,163 shares in the last quarter. Finally, Ziegler Capital Management LLC grew its holdings in shares of Old National Bancorp by 2.3% in the fourth quarter. Ziegler Capital Management LLC now owns 61,245 shares of the bank’s stock valued at $1,034,000 after acquiring an additional 1,361 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Insider Activity

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

Old National Bancorp Price Performance

Shares of ONB stock traded up $0.16 during trading hours on Friday, reaching $17.19. The stock had a trading volume of 1,665,333 shares, compared to its average volume of 2,009,929. The stock’s fifty day simple moving average is $16.52 and its 200 day simple moving average is $16.04. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $5.48 billion, a PE ratio of 9.29 and a beta of 0.83. Old National Bancorp has a 12 month low of $11.66 and a 12 month high of $17.64.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $440.20 million during the quarter, compared to analyst estimates 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 revenue for the quarter was down 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 EPS. On average, equities research analysts predict that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. UBS Group dropped their price objective on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Stephens reduced their target price on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Barclays lifted their price objective on shares of Old National Bancorp from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.