Citigroup Inc. Has $12.49 Million Stake in Old National Bancorp $ONB

Key Points

• Citigroup Inc. reduced its stake in Old National Bancorp by 17.9%, owning 589,208 shares valued at approximately $12.5 million after selling 128,519 shares in the first quarter.
• Despite Citigroup's reduction, other institutional investors like Wells Fargo and Bank of Montreal increased their holdings, highlighting strong interest in Old National Bancorp among hedge funds.
• The company reported earnings of $0.53 per share, exceeding analysts' expectations, along with a quarterly dividend announcement with a yield of 2.6%.

Citigroup Inc. lessened its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 17.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 589,208 shares of the bank's stock after selling 128,519 shares during the period. Citigroup Inc. owned 0.18% of Old National Bancorp worth $12,485,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

ONB has been the subject of a number of recent analyst reports. National Bankshares set a $24.00 target price on shares of Old National Bancorp in a research report on Tuesday, May 20th. Jefferies Financial Group began coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target for the company. Piper Sandler reissued an "overweight" rating and issued a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Truist Financial upped their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Citigroup cut 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 report on Wednesday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $26.40.

Old National Bancorp Trading Up 0.3%

ONB stock traded up $0.0620 during mid-day trading on Tuesday, reaching $21.6120. 480,548 shares of the stock traded hands, compared to its average volume of 3,193,638. 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 has a 52-week low of $16.83 and a 52-week high of $24.49. The company has a market cap of $8.47 billion, a P/E ratio of 12.80 and a beta of 0.86. The stock's fifty day moving average is $21.57 and its 200-day moving average is $21.47.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted 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 net margin of 17.67% and a return on equity of 9.92%. The company had revenue of $633.41 million during the quarter, compared to analyst estimates of $622.83 million. During the same period in the prior year, the firm earned $0.46 earnings per share. As a group, sell-side analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, September 5th were issued a $0.14 dividend. The ex-dividend date was Friday, September 5th. 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 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.