Zurcher Kantonalbank Zurich Cantonalbank Purchases 10,254 Shares of Old National Bancorp (NASDAQ:ONB)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Old National Bancorp (NASDAQ:ONB) by 18.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,072 shares of the bank’s stock after acquiring an additional 10,254 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Old National Bancorp were worth $1,116,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Parkside Financial Bank & Trust boosted its holdings in shares of Old National Bancorp by 57.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock worth $38,000 after buying an additional 949 shares during the period. Lynch & Associates IN boosted its holdings in shares of Old National Bancorp by 18.9% during the 3rd quarter. Lynch & Associates IN now owns 12,167 shares of the bank’s stock worth $177,000 after buying an additional 1,932 shares during the period. Legacy Wealth Asset Management LLC bought a new stake in shares of Old National Bancorp during the 4th quarter worth about $181,000. Trust Point Inc. bought a new stake in shares of Old National Bancorp during the 4th quarter worth about $189,000. Finally, Prime Capital Investment Advisors LLC bought a new stake in shares of Old National Bancorp during the 4th quarter worth about $192,000. Institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. 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. Barclays lifted their price objective 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. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. UBS Group dropped their price objective on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. Finally, StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.86.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $16.57 on Friday. The company has a 50 day moving average of $16.47 and a 200-day moving average of $15.94. Old National Bancorp has a 1-year low of $11.66 and a 1-year high of $17.64. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.95. The company has a market cap of $4.86 billion, a PE ratio of 8.96 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $440.20 million during the quarter, compared to the consensus estimate of $440.00 million. During the same quarter in the prior year, the firm posted $0.54 EPS. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. As a group, equities research analysts forecast that Old National Bancorp will post 1.83 earnings per share for the current fiscal 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 issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s dividend payout ratio (DPR) is presently 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.