Curi RMB Capital LLC Takes $1.59 Million Position in Old National Bancorp $ONB

Key Points

• Curi RMB Capital LLC acquired a new position in Old National Bancorp, purchasing 75,000 shares valued at approximately $1.59 million.
• Old National Bancorp reported $0.53 earnings per share for the last quarter, exceeding analysts' estimates, and has declared a dividend of $0.14 payable on September 15th.
• Analysts have set new price targets for Old National Bancorp, with Piper Sandler raising its target from $26.00 to $27.00, indicating a generally positive outlook for the stock.

Curi RMB Capital LLC purchased a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 75,000 shares of the bank's stock, valued at approximately $1,589,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Millennium Management LLC boosted its position in Old National Bancorp by 10,795.2% during the fourth quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock valued at $104,096,000 after purchasing an additional 4,751,923 shares in the last quarter. Invesco Ltd. increased its position in shares of Old National Bancorp by 161.3% during the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after purchasing an additional 1,216,004 shares in the last quarter. Nuveen LLC acquired a new position in shares of Old National Bancorp during the first quarter worth $22,463,000. Zimmer Partners LP acquired a new position in shares of Old National Bancorp during the fourth quarter worth $11,938,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Old National Bancorp by 17.1% during the first quarter. The Manufacturers Life Insurance Company now owns 3,557,437 shares of the bank's stock worth $75,382,000 after purchasing an additional 520,528 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ONB shares. Barclays upped their price target 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. National Bankshares set a $24.00 price objective on shares of Old National Bancorp in a report on Tuesday, May 20th. Royal Bank Of Canada boosted 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 report on Wednesday, July 23rd. Piper Sandler reissued an "overweight" rating and issued a $27.00 price objective (up previously from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Finally, Truist Financial upped 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. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $26.40.

Old National Bancorp Price Performance

Shares of NASDAQ ONB traded up $0.16 during trading on Wednesday, hitting $22.46. The company had a trading volume of 1,892,303 shares, compared to its average volume of 3,157,982. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 13.26 and a beta of 0.89. The stock has a fifty day simple moving average of $22.07 and a two-hundred day simple moving average of $21.33. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $633.41 million during the quarter, compared to the consensus estimate of $622.83 million. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is 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.