Old National Bancorp $ONB Stake Increased by Elizabeth Park Capital Advisors Ltd.

Key Points

• Elizabeth Park Capital Advisors Ltd. increased its holdings in Old National Bancorp by 17.9%, now owning over 207,000 shares, which represents approximately 4% of their portfolio.
• Multiple brokerages have raised their price targets for Old National Bancorp, with Truist Financial setting it as high as $27.00 and several analysts rating the stock as a "Moderate Buy."
• Old National Bancorp recently declared a quarterly dividend of $0.14 per share, with a yield of 2.5% based on an annualized dividend of $0.56.

Elizabeth Park Capital Advisors Ltd. boosted its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 17.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 207,114 shares of the bank's stock after buying an additional 31,514 shares during the period. Old National Bancorp makes up 4.0% of Elizabeth Park Capital Advisors Ltd.'s holdings, making the stock its 3rd biggest holding. Elizabeth Park Capital Advisors Ltd. owned about 0.06% of Old National Bancorp worth $4,389,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Summit Securities Group LLC acquired a new position in shares of Old National Bancorp during the first quarter valued at about $32,000. USA Financial Formulas bought a new stake in shares of Old National Bancorp during the first quarter worth about $50,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Old National Bancorp in the 1st quarter worth about $51,000. Fifth Third Bancorp raised its holdings in shares of Old National Bancorp by 21.9% in the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after acquiring an additional 695 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Old National Bancorp by 122.3% in the 1st quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock worth $84,000 after acquiring an additional 2,187 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Price Performance

NASDAQ ONB traded up $0.12 on Friday, hitting $22.89. The stock had a trading volume of 2,642,157 shares, compared to its average volume of 2,592,442. The firm has a 50-day moving average of $21.87 and a 200-day moving average of $21.40. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 13.54 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, beating 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 period last year, the firm earned $0.46 EPS. Equities analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, September 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. Old National Bancorp's dividend payout ratio (DPR) is 33.14%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ONB shares. Jefferies Financial Group started coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price on the stock. Royal Bank Of Canada upped their target price on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. Truist Financial upped their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Piper Sandler restated an "overweight" rating and issued a $27.00 target price (up previously from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Finally, Barclays upped their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. One investment 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $26.40.

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.