111 Capital Makes New Investment in Old National Bancorp $ONB

Key Points

• 111 Capital has acquired a new position in Old National Bancorp, purchasing 58,844 shares valued at approximately $1,256,000 during the 2nd quarter.
• Analysts have a consensus rating of "Moderate Buy" for Old National Bancorp, with price targets mostly between $24.00 and $28.00 set by firms such as Barclays and Truist Financial.
• Old National Bancorp recently announced a quarterly dividend of $0.14 per share, representing an annual yield of 2.5% and a payout ratio of 33.14%.

111 Capital bought a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 58,844 shares of the bank's stock, valued at approximately $1,256,000.

Other large investors have also recently made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in shares of Old National Bancorp during the first quarter valued at $32,000. USA Financial Formulas purchased a new stake in Old National Bancorp during the 1st quarter valued at about $50,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Old National Bancorp during the 1st quarter valued at about $51,000. Signaturefd LLC grew its stake in Old National Bancorp by 22.7% during the 2nd quarter. Signaturefd LLC now owns 3,297 shares of the bank's stock valued at $70,000 after purchasing an additional 609 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in Old National Bancorp by 21.9% during the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after purchasing an additional 695 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on ONB shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Old National Bancorp in a report on Saturday, September 27th. Truist Financial upped their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. Barclays boosted their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Piper Sandler reaffirmed an "overweight" rating and issued a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Finally, Royal Bank Of Canada upped their price target on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Old National Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $26.27.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $22.18 on Friday. The company's fifty day moving average price is $21.93 and its 200 day moving average price is $21.36. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The company has a market capitalization of $8.69 billion, a PE ratio of 13.12 and a beta of 0.85. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The firm had revenue of $633.41 million for the quarter, compared to the consensus estimate of $622.83 million. During the same period in the prior year, the firm posted $0.46 earnings per share. On average, research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were given a dividend of $0.14 per share. The ex-dividend date was Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. Old National Bancorp's dividend payout ratio is currently 33.14%.

Old National Bancorp Profile

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.

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