Equitable Trust Co. Lowers Stock Holdings in Old National Bancorp (NASDAQ:ONB)

Key Points

• Equitable Trust Co. reduced its stake in Old National Bancorp by 5.4%, selling 13,539 shares in the first quarter, resulting in ownership of approximately 0.07% worth $4,998,000.
• Old National Bancorp recently reported earnings of $0.53 per share, surpassing expectations, and revealed a quarterly dividend of $0.14 with a yield of 2.60%.
• Analysts have expressed optimism, with Truist Financial and Barclays raising their target prices, reflecting a consensus rating of "Moderate Buy" and an average target price of $26.40.

Equitable Trust Co. decreased its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 5.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 235,864 shares of the bank's stock after selling 13,539 shares during the period. Equitable Trust Co. owned approximately 0.07% of Old National Bancorp worth $4,998,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ONB. USA Financial Formulas bought a new position in shares of Old National Bancorp during the first quarter valued at about $50,000. Fifth Third Bancorp grew its stake in shares of Old National Bancorp by 21.9% during the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after buying an additional 695 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Old National Bancorp by 122.3% during the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after buying an additional 2,187 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Old National Bancorp by 157.7% in the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank's stock worth $91,000 after purchasing an additional 2,630 shares during the last quarter. Finally, Covestor Ltd grew its stake in shares of Old National Bancorp by 13.6% in the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank's stock worth $95,000 after purchasing an additional 524 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Old National Bancorp Price Performance

ONB stock opened at $21.52 on Friday. The firm has a 50 day moving average price of $21.56 and a 200-day moving average price of $21.66. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of 12.73 and a beta of 0.85. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (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 14.61%. The firm had revenue of $633.41 million during the quarter, compared to analyst estimates of $622.83 million. During the same period last year, the business earned $0.46 earnings per share. Equities research analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Thursday, June 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend was Thursday, June 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ONB shares. Truist Financial raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Barclays raised their price objective 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. Citigroup lowered their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Piper Sandler restated an "overweight" rating and issued a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a report on Wednesday. Finally, Stephens restated an "overweight" rating and issued a $27.00 price objective on shares of Old National Bancorp in a report on Monday, April 14th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Old National Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $26.40.

Old National Bancorp Company Profile

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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