Boston Partners Grows Stake in Old National Bancorp $ONB

Key Points

• Boston Partners increased its stake in Old National Bancorp by 3.4% in Q1, now owning approximately 0.59% of the company valued at $39.4 million.
• Old National Bancorp reported $0.53 earnings per share for the last quarter, exceeding analysts' expectations of $0.51 and showing revenue of $633.41 million.
• The company declared a quarterly dividend of $0.14 per share, set to be paid on September 15, representing an annualized yield of 2.6%.

Boston Partners lifted its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 3.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,878,240 shares of the bank's stock after purchasing an additional 61,686 shares during the quarter. Boston Partners owned approximately 0.59% of Old National Bancorp worth $39,441,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Mariner LLC lifted its position in Old National Bancorp by 0.9% during the 4th quarter. Mariner LLC now owns 57,744 shares of the bank's stock worth $1,253,000 after acquiring an additional 509 shares during the period. Baird Financial Group Inc. lifted its position in Old National Bancorp by 2.3% during the 4th quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank's stock worth $648,000 after acquiring an additional 675 shares during the period. Fifth Third Bancorp lifted its position in Old National Bancorp by 21.9% during the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after acquiring an additional 695 shares during the period. Xponance Inc. lifted its position in Old National Bancorp by 1.7% during the 1st quarter. Xponance Inc. now owns 45,614 shares of the bank's stock worth $967,000 after acquiring an additional 752 shares during the period. Finally, State of Michigan Retirement System lifted its position in Old National Bancorp by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 76,342 shares of the bank's stock worth $1,618,000 after acquiring an additional 800 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ONB has been the subject of a number of recent research reports. Truist Financial increased their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Citigroup decreased their price objective on 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. Barclays increased their price objective on 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 reaffirmed an "overweight" rating and set a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Finally, Wall Street Zen raised Old National Bancorp from a "sell" rating to a "hold" rating in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Old National Bancorp has an average rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Price Performance

Shares of ONB traded up $0.12 during mid-day trading on Wednesday, hitting $21.66. The company's stock had a trading volume of 2,084,408 shares, compared to its average volume of 2,903,850. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The firm has a 50-day simple moving average of $21.58 and a 200 day simple moving average of $21.47. The firm has a market capitalization of $8.49 billion, a P/E ratio of 12.82 and a beta of 0.86. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $24.49.

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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $622.83 million. During the same period last year, the business posted $0.46 EPS. Analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 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.