Equitable Trust Co. Cuts Stock Holdings in Old National Bancorp $ONB

Key Points

• Equitable Trust Co. reduced its stake in Old National Bancorp by 9.7% in Q2, now owning about 0.07% of the company, valued at $4.5 million.
• Old National Bancorp recently declared a quarterly dividend of $0.14 per share, yielding 2.6% based on an annualized basis.
• Analysts have set a consensus price target of $26.36 for Old National Bancorp, with ratings including one Strong Buy and several Buy ratings from various brokerages.

Equitable Trust Co. cut its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 9.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 212,972 shares of the bank's stock after selling 22,892 shares during the period. Equitable Trust Co. owned approximately 0.07% of Old National Bancorp worth $4,545,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. NorthRock Partners LLC acquired a new position in shares of Old National Bancorp during the 2nd quarter valued at about $205,000. Allspring Global Investments Holdings LLC boosted its position in shares of Old National Bancorp by 47.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,844,707 shares of the bank's stock valued at $63,039,000 after acquiring an additional 913,831 shares during the last quarter. CWM LLC grew its position in Old National Bancorp by 1.3% in the second quarter. CWM LLC now owns 91,736 shares of the bank's stock worth $1,958,000 after acquiring an additional 1,136 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in Old National Bancorp by 10.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 36,544 shares of the bank's stock worth $780,000 after acquiring an additional 3,560 shares during the period. Finally, Callan Family Office LLC purchased a new position in Old National Bancorp in the second quarter worth approximately $226,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Trading Up 3.1%

NASDAQ:ONB opened at $21.25 on Tuesday. The firm has a market cap of $8.33 billion, a PE ratio of 12.57 and a beta of 0.85. The stock has a fifty day moving average price of $22.00 and a 200 day moving average price of $21.37. Old National Bancorp has a 12-month low of $16.83 and a 12-month 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.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share (EPS) for the quarter. The firm had revenue of $222.80 million during the quarter. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%. Sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were paid a $0.14 dividend. The ex-dividend date was Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.6%. Old National Bancorp's dividend payout ratio (DPR) is currently 33.14%.

Analysts Set New Price Targets

Several brokerages recently weighed in on ONB. TD Cowen began coverage on Old National Bancorp in a research report on Thursday, September 25th. They issued a "hold" rating and a $25.00 price objective for the company. Cowen assumed coverage on Old National Bancorp in a research report on Wednesday, September 24th. They set a "hold" rating for the company. Royal Bank Of Canada raised their price target on 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. Weiss Ratings reiterated a "buy (b-)" rating on shares of Old National Bancorp in a research note on Wednesday, October 8th. Finally, Piper Sandler reiterated an "overweight" rating and set a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Old National Bancorp has an average rating of "Moderate Buy" and a consensus target price of $26.36.

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.

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