Elizabeth Park Capital Advisors Ltd. Has $4.39 Million Stock Holdings in Old National Bancorp $ONB

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. lifted its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 17.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 207,114 shares of the bank's stock after purchasing an additional 31,514 shares during the quarter. Old National Bancorp accounts for 4.0% of Elizabeth Park Capital Advisors Ltd.'s holdings, making the stock its 3rd largest position. Elizabeth Park Capital Advisors Ltd. owned 0.06% of Old National Bancorp worth $4,389,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Nuveen LLC bought a new position in shares of Old National Bancorp during the first quarter worth approximately $22,463,000. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Old National Bancorp by 1.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock worth $380,202,000 after purchasing an additional 216,188 shares during the period. Invesco Ltd. increased its holdings 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 during the period. GAMMA Investing LLC increased its holdings in shares of Old National Bancorp by 44.0% during the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock worth $127,000 after purchasing an additional 1,837 shares during the period. Finally, Teacher Retirement System of Texas increased its holdings in shares of Old National Bancorp by 20.8% during the first quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank's stock worth $1,548,000 after purchasing an additional 12,596 shares during the period. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on ONB. Jefferies Financial Group began coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 target price on the stock. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a research report on Tuesday, May 20th. Truist Financial increased their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Royal Bank Of Canada increased their price target on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 23rd. Finally, Barclays increased their price target on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. 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's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $26.40.

Old National Bancorp Price Performance

Old National Bancorp stock traded up $0.12 during mid-day trading on Monday, reaching $22.89. The company had a trading volume of 2,642,157 shares, compared to its average volume of 2,571,754. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The company has a market cap of $8.97 billion, a P/E ratio of 13.54 and a beta of 0.89. The business has a fifty day simple moving average of $21.87 and a 200 day simple moving average of $21.37.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $622.83 million. During the same quarter last year, the business posted $0.46 earnings per share. On average, equities research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

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