Comerica Bank Has $5.87 Million Position in Old National Bancorp $ONB

Key Points

• Comerica Bank increased its stake in Old National Bancorp by 27.8% in Q4 and now owns 263,057 shares worth about $5.87 million (roughly 0.07% of the company).
• Old National reported quarterly EPS of $0.61 (beating the $0.60 consensus) and revenue of $702.7M (up 44.4% year-over-year), while analysts are mostly positive with an average rating of "Moderate Buy" and an average price target of $27.91.
• The bank announced a quarterly dividend of $0.145 (annualized $0.58, ~2.4% yield; ex-dividend May 5), while institutional investors own 83.66% of the stock and an insider sold 30,000 shares in February.

Comerica Bank grew its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 27.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 263,057 shares of the bank's stock after acquiring an additional 57,152 shares during the period. Comerica Bank owned 0.07% of Old National Bancorp worth $5,869,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ONB. MAI Capital Management grew its holdings in Old National Bancorp by 156.8% during the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank's stock worth $25,000 after acquiring an additional 704 shares during the period. Covestor Ltd grew its holdings in Old National Bancorp by 157.0% during the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank's stock worth $27,000 after acquiring an additional 755 shares during the period. Rothschild Investment LLC grew its holdings in Old National Bancorp by 72.3% during the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank's stock worth $28,000 after acquiring an additional 535 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in Old National Bancorp during the 4th quarter worth about $28,000. Finally, JFS Wealth Advisors LLC grew its holdings in Old National Bancorp by 811.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank's stock worth $36,000 after acquiring an additional 1,428 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

Shares of ONB opened at $23.97 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a 50-day moving average of $22.87 and a 200-day moving average of $22.63. The company has a market cap of $9.26 billion, a PE ratio of 12.36 and a beta of 0.83. Old National Bancorp has a one year low of $19.39 and a one year high of $26.17.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $702.69 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a return on equity of 15.41% and a net margin of 18.90%.The firm's revenue for the quarter was up 44.4% compared to the same quarter last year. During the same period last year, the business posted $0.45 EPS. On average, equities research analysts predict that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be paid a $0.145 dividend. The ex-dividend date is Tuesday, May 5th. This represents a $0.58 annualized dividend and a dividend yield of 2.4%. Old National Bancorp's dividend payout ratio (DPR) is currently 29.90%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. National Bank Financial set a $30.00 price target on Old National Bancorp in a report on Thursday, January 22nd. TD Cowen upgraded Old National Bancorp from a "hold" rating to a "buy" rating and increased their price target for the stock from $27.00 to $30.00 in a report on Thursday, January 22nd. Barclays increased their price target on Old National Bancorp from $29.00 to $30.00 and gave the stock an "overweight" rating in a report on Tuesday, April 7th. Royal Bank Of Canada increased their price target on Old National Bancorp from $25.00 to $26.00 and gave the stock a "sector perform" rating in a report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $27.91.

Insider Activity at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 30,000 shares of the firm's stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total value of $751,500.00. Following the completion of the sale, the insider directly owned 20,438 shares in the company, valued at $511,971.90. This trade represents a 59.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.72% of the stock is currently owned by corporate insiders.

Old National Bancorp Profile

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

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