Dimensional Fund Advisors LP Acquires 310,352 Shares of Old National Bancorp $ONB

Key Points

• Dimensional Fund Advisors LP increased its stake in Old National Bancorp by 1.8% in the first quarter, buying 310,352 additional shares and bringing its total holdings to 17.88 million shares worth about $395.2 million.
• Old National Bancorp reported better-than-expected quarterly earnings of $0.61 per share, while revenue came in slightly below estimates. Revenue was still up 44.4% from a year earlier.
• The bank also declared a quarterly dividend of $0.145 per share, equal to an annualized yield of 2.2%, and analysts currently rate the stock a consensus Moderate Buy with a $28.55 price target.

Dimensional Fund Advisors LP grew its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 1.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,882,650 shares of the bank's stock after buying an additional 310,352 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.63% of Old National Bancorp worth $395,193,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Carlson Capital L.P. raised its stake in shares of Old National Bancorp by 1.1% during the 4th quarter. Carlson Capital L.P. now owns 38,000 shares of the bank's stock worth $848,000 after purchasing an additional 400 shares in the last quarter. Glenmede Investment Management LP grew its stake in shares of Old National Bancorp by 1.0% in the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank's stock valued at $1,362,000 after buying an additional 625 shares in the last quarter. Teza Capital Management LLC grew its stake in shares of Old National Bancorp by 6.8% in the second quarter. Teza Capital Management LLC now owns 10,993 shares of the bank's stock valued at $235,000 after buying an additional 702 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Old National Bancorp by 4.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 16,863 shares of the bank's stock worth $376,000 after buying an additional 703 shares during the last quarter. Finally, HB Wealth Management LLC increased its holdings in Old National Bancorp by 5.9% during the fourth quarter. HB Wealth Management LLC now owns 13,147 shares of the bank's stock worth $293,000 after buying an additional 730 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $26.17 on Wednesday. Old National Bancorp has a one year low of $19.39 and a one year high of $27.32. The company has a market cap of $10.11 billion, a P/E ratio of 13.49 and a beta of 0.83. The firm's fifty day moving average price is $24.96 and its two-hundred day moving average price is $23.96. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. The company had revenue of $702.70 million during the quarter, compared to analysts' expectations of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. Old National Bancorp's quarterly revenue was up 44.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 EPS. Equities analysts expect that Old National Bancorp will post 2.57 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were given a dividend of $0.145 per share. The ex-dividend date was Friday, June 5th. This represents a $0.58 annualized dividend and a yield of 2.2%. Old National Bancorp's dividend payout ratio (DPR) is 29.90%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Jefferies Financial Group increased their price target on shares of Old National Bancorp from $23.00 to $25.00 and gave the company a "hold" rating in a research note on Wednesday, April 22nd. Keefe, Bruyette & Woods boosted their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a research note on Thursday, April 23rd. Truist Financial upped their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Stephens raised their target price on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. Finally, UBS Group initiated coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a "buy" rating and a $32.00 price target for the company. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Old National Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $28.55.

About Old National Bancorp

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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