Advantage Alpha Capital Partners LP Decreases Stock Position in Old National Bancorp $ONB

Key Points

• Advantage Alpha Capital Partners LP has reduced its ownership in Old National Bancorp (ONB) by 60.8%, holding 11,396 shares valued at approximately $241,000 as of the latest quarter.
• Old National Bancorp's stock price rose by 5.9% recently, with a market capitalization of $8.90 billion and a one-year price range between $16.83 and $24.49.
• The bank will issue a quarterly dividend of $0.14 per share on September 15th, representing an annualized dividend yield of 2.5%.

Advantage Alpha Capital Partners LP lessened its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 60.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 11,396 shares of the bank's stock after selling 17,668 shares during the period. Advantage Alpha Capital Partners LP's holdings in Old National Bancorp were worth $241,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new stake in Old National Bancorp in the first quarter valued at approximately $32,000. USA Financial Formulas acquired a new stake in Old National Bancorp in the first quarter valued at approximately $50,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Old National Bancorp in the first quarter valued at approximately $51,000. Fifth Third Bancorp grew its stake in Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after acquiring an additional 695 shares during the period. Finally, UMB Bank n.a. grew its stake in Old National Bancorp by 122.3% in the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after acquiring an additional 2,187 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Stock Performance

Old National Bancorp stock traded up $0.26 during mid-day trading on Wednesday, reaching $23.02. 2,635,807 shares of the company's stock were exchanged, compared to its average volume of 3,192,742. The business's fifty day simple moving average is $21.72 and its 200 day simple moving average is $21.41. The firm has a market capitalization of $9.02 billion, a PE ratio of 13.62 and a beta of 0.86. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

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

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is currently 33.14%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ONB. Barclays raised their target price on Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada raised their target price on Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. Jefferies Financial Group began coverage on Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price on the stock. Truist Financial raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, National Bankshares set a $24.00 target price on Old National Bancorp in a report on Tuesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $26.40.

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.