Mirae Asset Global Investments Co. Ltd. Purchases 59,738 Shares of Old National Bancorp (NASDAQ:ONB)

Mirae Asset Global Investments Co. Ltd. grew its position in Old National Bancorp (NASDAQ:ONB) by 43.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 197,537 shares of the bank’s stock after purchasing an additional 59,738 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.07% of Old National Bancorp worth $3,336,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Money Concepts Capital Corp purchased a new stake in Old National Bancorp during the fourth quarter worth about $39,000. Lazard Asset Management LLC purchased a new stake in Old National Bancorp during the second quarter worth about $32,000. Coppell Advisory Solutions Corp. purchased a new stake in Old National Bancorp during the fourth quarter worth about $47,000. Parkside Financial Bank & Trust increased its holdings in Old National Bancorp by 57.2% during the third 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 last quarter. Finally, Ronald Blue Trust Inc. increased its holdings in Old National Bancorp by 55.6% during the third quarter. Ronald Blue Trust Inc. now owns 2,898 shares of the bank’s stock worth $40,000 after buying an additional 1,036 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Stephens decreased their price objective on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. UBS Group reduced their target price 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, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.71.

Old National Bancorp Price Performance

ONB stock opened at $15.53 on Thursday. The firm has a 50 day moving average of $16.44 and a 200-day moving average of $15.84. 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 has a 12 month low of $11.66 and a 12 month high of $17.64. The firm has a market capitalization of $4.56 billion, a P/E ratio of 8.01 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). Old National Bancorp had a net margin of 22.91% and a return on equity of 12.04%. The company had revenue of $689.85 million for the quarter, compared to the consensus estimate of $448.87 million. During the same quarter in the previous year, the firm earned $0.56 earnings per share. As a group, sell-side analysts predict that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders 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 annualized dividend and a yield of 3.61%. Old National Bancorp’s payout ratio is presently 28.87%.

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.