Rhino Investment Partners Inc Invests $6.46 Million in Old National Bancorp $ONB

Rhino Investment Partners Inc acquired a new stake in shares of Old National Bancorp (NASDAQ:ONB) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 292,145 shares of the bank’s stock, valued at approximately $6,456,000. Old National Bancorp makes up 1.8% of Rhino Investment Partners Inc’s investment portfolio, making the stock its 26th largest position.

Several other institutional investors and hedge funds have also modified their holdings of the business. Carlson Capital L.P. increased its stake in Old National Bancorp by 1.1% during the 4th quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock worth $848,000 after purchasing an additional 400 shares in the last quarter. Glenmede Investment Management LP lifted its stake in Old National Bancorp by 1.0% in the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock valued at $1,362,000 after buying an additional 625 shares in the last quarter. Teza Capital Management LLC boosted its holdings in shares of Old National Bancorp by 6.8% in the second quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock valued at $235,000 after buying an additional 702 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of Old National Bancorp by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 16,863 shares of the bank’s stock valued at $376,000 after buying an additional 703 shares during the period. Finally, HB Wealth Management LLC increased its position in shares of Old National Bancorp by 5.9% during the fourth quarter. HB Wealth Management LLC now owns 13,147 shares of the bank’s stock worth $293,000 after acquiring an additional 730 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

Shares of ONB opened at $26.89 on Wednesday. The company has a market cap of $10.39 billion, a price-to-earnings ratio of 11.95 and a beta of 0.83. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $27.32. The company’s fifty day simple moving average is $25.26 and its 200 day simple moving average is $24.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.89.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The firm had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 16.16%. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.53 earnings per share. On average, research analysts forecast that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued 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 of this dividend was Friday, June 5th. Old National Bancorp’s dividend payout ratio is presently 25.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Raymond James Financial began coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They set a “market perform” rating on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Royal Bank Of Canada lifted their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a research note on Thursday, July 23rd. UBS Group assumed coverage on Old National Bancorp in a report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Stephens boosted their price target on Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Old National Bancorp has an average rating of “Moderate Buy” and a consensus target price of $29.36.

About Old National Bancorp

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.