Algebris UK Ltd. Grows Holdings in Old National Bancorp $ONB

Key Points

• Algebris UK Ltd. increased its stake in Old National Bancorp by 57.9% in the fourth quarter, buying 675,873 additional shares and bringing its total to 1,844,036 shares worth about $41.16 million.
• Old National Bancorp reported Q1 earnings of $0.61 per share, slightly beating estimates, while revenue came in just below expectations at $702.7 million. Revenue was still up 44.4% year over year.
• The bank declared a quarterly dividend of $0.145 per share, equal to an annualized yield of 2.4%, and analysts currently rate the stock a Moderate Buy with a consensus price target of $27.91.

Algebris UK Ltd. boosted its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 57.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,844,036 shares of the bank's stock after acquiring an additional 675,873 shares during the period. Old National Bancorp accounts for approximately 2.0% of Algebris UK Ltd.'s holdings, making the stock its 10th biggest holding. Algebris UK Ltd. owned 0.47% of Old National Bancorp worth $41,160,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ONB. MAI Capital Management boosted its holdings in Old National Bancorp by 156.8% in the third quarter. MAI Capital Management now owns 1,153 shares of the bank's stock valued at $25,000 after acquiring an additional 704 shares in the last quarter. Covestor Ltd boosted its holdings in Old National Bancorp by 157.0% in the third quarter. Covestor Ltd now owns 1,236 shares of the bank's stock valued at $27,000 after acquiring an additional 755 shares in the last quarter. Rothschild Investment LLC boosted its holdings in Old National Bancorp by 72.3% in the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank's stock valued at $28,000 after acquiring an additional 535 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in Old National Bancorp in the fourth quarter valued at $28,000. Finally, JFS Wealth Advisors LLC boosted its holdings in Old National Bancorp by 811.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank's stock valued at $36,000 after acquiring an additional 1,428 shares in the last quarter. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $23.77 on Thursday. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $26.17. The stock has a market cap of $9.18 billion, a PE ratio of 12.25 and a beta of 0.85. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. The company's fifty day moving average price is $22.92 and its 200-day moving average price is $22.93.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The firm had revenue of $702.70 million for the quarter, compared to analysts' expectations of $706.62 million. During the same quarter in the previous year, the business posted $0.45 EPS. The company's quarterly revenue was up 44.4% on a year-over-year basis. On average, equities analysts expect that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, June 5th. Old National Bancorp's payout ratio is 29.90%.

Analyst Ratings Changes

Several research firms recently weighed in on ONB. National Bank Financial set a $30.00 price target on shares of Old National Bancorp in a report on Thursday, January 22nd. Barclays lifted their price target on shares of Old National Bancorp from $29.00 to $30.00 and gave the company an "overweight" rating in a report on Tuesday, April 7th. Citigroup boosted their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a report on Tuesday, February 24th. Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Finally, Royal Bank Of Canada boosted their target price on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a "sector perform" rating in a report on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.91.

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.

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