Bayforest Capital Ltd Buys 34,184 Shares of Old National Bancorp (NASDAQ:ONB)

Bayforest Capital Ltd lifted its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 1,524.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 36,426 shares of the bank's stock after purchasing an additional 34,184 shares during the period. Bayforest Capital Ltd's holdings in Old National Bancorp were worth $772,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mariner LLC lifted its position in shares of Old National Bancorp by 0.9% in the 4th quarter. Mariner LLC now owns 57,744 shares of the bank's stock worth $1,253,000 after purchasing an additional 509 shares during the period. Covestor Ltd lifted its position in shares of Old National Bancorp by 13.6% in the 4th quarter. Covestor Ltd now owns 4,365 shares of the bank's stock worth $95,000 after purchasing an additional 524 shares during the period. CIBC Private Wealth Group LLC lifted its position in shares of Old National Bancorp by 3.8% in the 4th quarter. CIBC Private Wealth Group LLC now owns 16,744 shares of the bank's stock worth $356,000 after purchasing an additional 615 shares during the period. Baird Financial Group Inc. lifted its position in shares of Old National Bancorp by 2.3% in the 4th quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank's stock worth $648,000 after purchasing an additional 675 shares during the period. Finally, Fifth Third Bancorp lifted its position in shares of Old National Bancorp by 21.9% in the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after purchasing an additional 695 shares during the period. Institutional investors own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ONB shares. Piper Sandler reaffirmed 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 began coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price target for the company. Citigroup lowered their price target on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Truist Financial lifted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Royal Bank Of Canada lifted 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 research report on Wednesday, July 23rd. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Stock Down 3.4%

NASDAQ:ONB traded down $0.71 on Friday, reaching $20.40. 3,055,861 shares of the stock traded hands, compared to its average volume of 3,279,012. The company has a market capitalization of $6.52 billion, a price-to-earnings ratio of 12.07 and a beta of 0.85. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.82. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49. The company's fifty day simple moving average is $21.56 and its 200 day simple moving average is $21.67.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, beating 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 14.61%. The business had revenue of $633.41 million during the quarter, compared to analyst estimates of $622.83 million. During the same period last year, the business earned $0.46 EPS. Equities analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were paid a $0.14 dividend. The ex-dividend date was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.7%. Old National Bancorp's payout ratio is currently 33.14%.

About Old National Bancorp

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.