Connor Clark & Lunn Investment Management Ltd. Invests $2.89 Million in Old National Bancorp $ONB

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 136,540 shares of Old National Bancorp, valued at approximately $2.89 million, during the first quarter.
• Old National Bancorp's stock experienced a 1.3% decline and is currently trading at $21.32, with a market capitalization of $8.35 billion.
• The bank announced a quarterly dividend of $0.14 per share, equivalent to an annualized dividend yield of 2.6%.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 136,540 shares of the bank's stock, valued at approximately $2,893,000.

Several other institutional investors also recently bought and sold shares of the business. USA Financial Formulas purchased a new position in shares of Old National Bancorp in the first quarter valued at $50,000. Fifth Third Bancorp boosted its stake in shares of Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after purchasing an additional 695 shares during the period. UMB Bank n.a. boosted its stake in shares of Old National Bancorp by 122.3% in the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after purchasing an additional 2,187 shares during the period. Versant Capital Management Inc raised its holdings in Old National Bancorp by 157.7% in the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank's stock valued at $91,000 after acquiring an additional 2,630 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Old National Bancorp by 44.0% during the 1st quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock valued at $127,000 after acquiring an additional 1,837 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of Old National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective on the stock. Royal Bank Of Canada increased their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 23rd. Piper Sandler reiterated an "overweight" rating and set a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Barclays increased their price objective on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Finally, Citigroup dropped their target price on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock 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 issued a Hold rating to the company. According to data from MarketBeat.com, Old National Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $26.40.

Old National Bancorp Stock Performance

Shares of ONB stock traded up $0.0750 during trading hours on Tuesday, reaching $21.6250. The stock had a trading volume of 480,548 shares, compared to its average volume of 3,193,638. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49. The firm has a 50-day simple moving average of $21.57 and a 200-day simple moving average of $21.47. The firm has a market capitalization of $8.47 billion, a PE ratio of 12.80 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The firm had revenue of $633.41 million during the quarter, compared to analyst estimates of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. During the same quarter in the prior year, the firm posted $0.46 EPS. As a group, equities analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, September 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 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.