Alyeska Investment Group L.P. Reduces Stock Position in Old National Bancorp $ONB

Key Points

• Alyeska Investment Group L.P. has reduced its stake in Old National Bancorp by 26.7%, selling nearly a million shares to hold approximately $56 million worth at the end of the first quarter.
• Old National Bancorp recently reported earnings of $0.53 per share, surpassing analyst estimates, and also declared a quarterly dividend of $0.14 to be paid on September 15th.
• Multiple brokerages have revised their target prices for Old National Bancorp's stock, with Barclays raising theirs from $25.00 to $28.00 and giving the stock an "overweight" rating.

Alyeska Investment Group L.P. lowered its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 26.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,645,141 shares of the bank's stock after selling 961,986 shares during the quarter. Alyeska Investment Group L.P. owned about 0.83% of Old National Bancorp worth $56,051,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Nuveen LLC bought a new position in shares of Old National Bancorp in the first quarter worth $22,463,000. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Old National Bancorp by 1.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock worth $380,202,000 after purchasing an additional 216,188 shares during the period. Invesco Ltd. increased its holdings in shares of Old National Bancorp by 161.3% in the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after purchasing an additional 1,216,004 shares during the period. GAMMA Investing LLC increased its holdings in shares of Old National Bancorp by 44.0% in the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock worth $127,000 after purchasing an additional 1,837 shares during the period. Finally, Teacher Retirement System of Texas increased its holdings in shares of Old National Bancorp by 20.8% in the first quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank's stock worth $1,548,000 after purchasing an additional 12,596 shares during the period. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Trading Down 1.4%

Shares of NASDAQ:ONB traded down $0.33 on Tuesday, reaching $22.54. 701,874 shares of the company traded hands, compared to its average volume of 3,156,963. The business's 50-day simple moving average is $22.06 and its 200 day simple moving average is $21.32. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49. The stock has a market capitalization of $8.83 billion, a P/E ratio of 13.35 and a beta of 0.89. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.The firm had revenue of $633.41 million for the quarter, compared to analysts' expectations of $622.83 million. During the same period last year, the firm earned $0.46 earnings per share. As a group, equities analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, September 5th. Old National Bancorp's dividend payout ratio is currently 33.14%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ONB shares. Royal Bank Of Canada upped their target price on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 23rd. Barclays upped their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Piper Sandler reiterated an "overweight" rating and issued a $27.00 target price (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Jefferies Financial Group started coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price for the company. Finally, Truist Financial upped their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. One research 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. Based on data from MarketBeat.com, Old National Bancorp 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.