Easterly Investment Partners LLC Buys 60,829 Shares of Old National Bancorp $ONB

Key Points

• Easterly Investment Partners LLC boosted its stake in Old National Bancorp by 27.4% in the fourth quarter, adding 60,829 shares and bringing its total holding to 282,948 shares worth about $6.3 million.
• Institutional ownership remains heavy, with large investors like Vanguard, Dimensional Fund Advisors, and State Street also increasing positions; institutions now control 83.66% of the stock.
• Analysts are broadly positive on ONB, with a consensus rating of Moderate Buy and an average price target of $27.91, while the company also reported Q1 earnings of $0.61 per share, slightly ahead of estimates.

Easterly Investment Partners LLC raised its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 27.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 282,948 shares of the bank's stock after purchasing an additional 60,829 shares during the quarter. Easterly Investment Partners LLC owned 0.07% of Old National Bancorp worth $6,313,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Old National Bancorp by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank's stock worth $808,047,000 after purchasing an additional 3,379,577 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 1.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 17,504,936 shares of the bank's stock worth $384,236,000 after purchasing an additional 180,156 shares during the period. State Street Corp increased its holdings in shares of Old National Bancorp by 5.6% during the 3rd quarter. State Street Corp now owns 16,665,897 shares of the bank's stock worth $365,816,000 after purchasing an additional 890,309 shares during the period. Geode Capital Management LLC increased its holdings in shares of Old National Bancorp by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank's stock worth $215,958,000 after purchasing an additional 91,341 shares during the period. Finally, William Blair Investment Management LLC increased its holdings in shares of Old National Bancorp by 1.5% during the 4th quarter. William Blair Investment Management LLC now owns 5,957,936 shares of the bank's stock worth $132,922,000 after purchasing an additional 88,096 shares during the period. Institutional investors own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ONB. 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 report 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 research note on Thursday, April 23rd. Stephens upped 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. Barclays upped their target price on shares of Old National Bancorp from $29.00 to $30.00 and gave the company an "overweight" rating in a research note on Tuesday, April 7th. Finally, UBS Group reissued a "neutral" rating and issued a $26.00 target price on shares of Old National Bancorp in a research note on Wednesday, February 4th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Old National Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $27.91.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $24.01 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of 12.38 and a beta of 0.84. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $26.17. The firm's 50-day moving average price is $23.26 and its two-hundred day moving average price is $23.10.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The firm had revenue of $702.70 million for the quarter, compared to analysts' expectations of $706.62 million. During the same period in the prior year, the firm earned $0.45 earnings per share. The company's quarterly revenue was up 44.4% compared to the same quarter last year. On average, equities analysts predict that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be given a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, June 5th. Old National Bancorp's dividend payout ratio is presently 29.90%.

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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