Principal Financial Group Inc. Has $49.33 Million Stock Holdings in Old National Bancorp $ONB

Principal Financial Group Inc. raised its position in Old National Bancorp (NASDAQ:ONB) by 196.0% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 2,232,316 shares of the bank’s stock after buying an additional 1,478,171 shares during the period. Principal Financial Group Inc. owned about 0.58% of Old National Bancorp worth $49,334,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in shares of Old National Bancorp by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 17,572,298 shares of the bank’s stock valued at $392,046,000 after buying an additional 67,362 shares during the period. State Street Corp lifted its stake in shares of Old National Bancorp by 5.6% during the third quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock valued at $365,816,000 after acquiring an additional 890,309 shares during the period. Geode Capital Management LLC boosted its holdings in Old National Bancorp by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock valued at $215,958,000 after acquiring an additional 91,341 shares during the last quarter. First Trust Advisors LP boosted its holdings in Old National Bancorp by 37.5% in the fourth quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock valued at $160,381,000 after acquiring an additional 1,961,525 shares during the last quarter. Finally, Morgan Stanley increased its position in Old National Bancorp by 69.8% in the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock worth $151,189,000 after purchasing an additional 2,785,474 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on ONB shares. Jefferies Financial Group boosted their price objective on Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Barclays lifted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Stephens boosted their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Finally, Raymond James Financial assumed coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a “market perform” rating on the stock. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.55.

Old National Bancorp Trading Down 2.0%

NASDAQ ONB opened at $26.75 on Friday. The stock has a 50-day simple moving average of $24.87 and a 200 day simple moving average of $23.90. The company has a market capitalization of $10.34 billion, a PE ratio of 13.79 and a beta of 0.83. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $27.32.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $702.70 million for the quarter, compared to analysts’ expectations of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The company’s revenue was up 44.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.45 earnings per share. Research analysts forecast that Old National Bancorp will post 2.57 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were given a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 29.90%.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.