Charles Schwab Investment Management Inc. Cuts Position in Old National Bancorp (NASDAQ:ONB)

Charles Schwab Investment Management Inc. lowered its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 0.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,647,843 shares of the bank's stock after selling 29,170 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.14% of Old National Bancorp worth $77,298,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Blair William & Co. IL lifted its holdings in Old National Bancorp by 4.7% in the first quarter. Blair William & Co. IL now owns 38,740 shares of the bank's stock valued at $821,000 after acquiring an additional 1,732 shares during the period. PNC Financial Services Group Inc. raised its holdings in Old National Bancorp by 12.0% during the first quarter. PNC Financial Services Group Inc. now owns 9,939 shares of the bank's stock worth $211,000 after purchasing an additional 1,063 shares during the last quarter. Natixis Advisors LLC raised its holdings in Old National Bancorp by 35.3% during the first quarter. Natixis Advisors LLC now owns 77,129 shares of the bank's stock worth $1,634,000 after purchasing an additional 20,132 shares during the last quarter. Bayforest Capital Ltd raised its holdings in Old National Bancorp by 1,524.7% during the first quarter. Bayforest Capital Ltd now owns 36,426 shares of the bank's stock worth $772,000 after purchasing an additional 34,184 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in Old National Bancorp by 2.1% during the first quarter. Federated Hermes Inc. now owns 266,923 shares of the bank's stock worth $5,656,000 after purchasing an additional 5,451 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ONB. Royal Bank Of Canada lifted their price objective on Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. Citigroup reduced their price objective on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Truist Financial lifted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, July 11th. National Bankshares set a $24.00 price objective on Old National Bancorp in a report on Tuesday, May 20th. Finally, Jefferies Financial Group initiated coverage on Old National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $26.40.

Old National Bancorp Trading Up 1.8%

Shares of ONB opened at $21.82 on Thursday. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49. The company has a market capitalization of $8.55 billion, a PE ratio of 12.91 and a beta of 0.86. The stock has a fifty day moving average of $21.54 and a two-hundred day moving average of $21.55. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 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 business had revenue of $633.41 million during the quarter, compared to the consensus estimate of $622.83 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. As a group, analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.6%. Old National Bancorp's dividend payout ratio is currently 33.14%.

Old National Bancorp Company 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.

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