Todays Report: The Principal Financial Group Inc. Increases Position in Old National Bancorp (ONB)

The Principal Financial Group Inc. Increases Position in Old National Bancorp (ONB)

Principal Financial Group Inc. boosted its position in shares of Old National Bancorp (NASDAQ:ONB) by 20.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 975,416 shares of the company’s stock after buying an additional 167,723 shares during the period. Principal Financial Group Inc. owned approximately 0.72% of Old National Bancorp worth $12,221,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Old National Bancorp by 153.6% in the first quarter. BlackRock Inc. now owns 8,720 shares of the company’s stock worth $106,000 after buying an additional 5,282 shares in the last quarter. Pitcairn Co. acquired a new stake in shares of Old National Bancorp during the second quarter worth about $139,000. Strategic Financial Group LLC acquired a new stake in shares of Old National Bancorp during the second quarter worth about $155,000. Creative Planning raised its stake in shares of Old National Bancorp by 0.9% in the second quarter. Creative Planning now owns 13,107 shares of the company’s stock worth $164,000 after buying an additional 121 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC raised its stake in shares of Old National Bancorp by 9.5% in the second quarter. Quantitative Systematic Strategies LLC now owns 13,628 shares of the company’s stock worth $167,000 after buying an additional 1,182 shares in the last quarter. 70.10% of the stock is owned by institutional investors.

Old National Bancorp (NASDAQ:ONB) opened at 14.10 on Wednesday. The stock has a 50 day moving average price of $13.93 and a 200-day moving average price of $13.10. The stock has a market capitalization of $1.90 billion, a P/E ratio of 12.25 and a beta of 1.31. Old National Bancorp has a one year low of $10.69 and a one year high of $15.00.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Monday, August 1st. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.23 by $0.08. Old National Bancorp had a return on equity of 7.48% and a net margin of 20.28%. During the same period last year, the firm earned $0.25 EPS. Analysts anticipate that Old National Bancorp will post $0.97 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Thursday, September 1st were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend was Tuesday, August 30th. Old National Bancorp’s dividend payout ratio (DPR) is presently 45.22%.

Several research analysts have commented on ONB shares. Zacks Investment Research downgraded Old National Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday. Keefe, Bruyette & Woods raised their price objective on Old National Bancorp from $13.00 to $13.50 and gave the stock a “market perform” rating in a report on Tuesday, August 2nd. Hovde Group started coverage on Old National Bancorp in a report on Wednesday, August 3rd. They set a “market perform” rating and a $14.00 price objective on the stock. Finally, Piper Jaffray Cos. started coverage on Old National Bancorp in a report on Monday, July 11th. They set a “neutral” rating and a $13.50 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Old National Bancorp currently has an average rating of “Hold” and an average target price of $13.81.

In related news, insider Daryl D. Moore sold 33,442 shares of the stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $13.80, for a total value of $461,499.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.70% of the stock is owned by corporate insiders.

About Old National Bancorp

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