Fifth Third Bancorp Buys 263,275 Shares of Old National Bancorp $ONB

Key Points

• Fifth Third Bancorp sharply increased its stake in Old National Bancorp, buying 263,275 additional shares in the first quarter and bringing its total holdings to 267,086 shares worth about $5.9 million.
• Old National Bancorp posted solid quarterly results, beating EPS expectations with $0.61 per share and reporting 44.4% year-over-year revenue growth, while analysts now expect full-year EPS of 2.57.
• The bank remains well supported by institutions and analysts, with institutional investors owning 83.66% of the stock and Wall Street maintaining a Moderate Buy consensus with an average price target of $28.55.

Fifth Third Bancorp increased its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 6,908.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 267,086 shares of the bank's stock after purchasing an additional 263,275 shares during the quarter. Fifth Third Bancorp owned 0.07% of Old National Bancorp worth $5,903,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Kemnay Advisory Services Inc. bought a new position in shares of Old National Bancorp during the 4th quarter valued at $27,000. Flagship Harbor Advisors LLC bought a new stake in shares of Old National Bancorp in the fourth quarter worth $28,000. Los Angeles Capital Management LLC purchased a new stake in Old National Bancorp during the fourth quarter valued at $36,000. JFS Wealth Advisors LLC increased its position in Old National Bancorp by 811.4% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank's stock valued at $36,000 after acquiring an additional 1,428 shares during the last quarter. Finally, Peterson Wealth Services lifted its holdings in Old National Bancorp by 9,711.8% in the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank's stock valued at $37,000 after acquiring an additional 1,651 shares during the period. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $27.29 on Friday. The stock has a 50-day simple moving average of $24.82 and a two-hundred day simple moving average of $23.88. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.32. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market capitalization of $10.54 billion, a PE ratio of 14.07 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The firm had revenue of $702.70 million for the quarter, compared to the consensus estimate of $706.62 million. During the same quarter last year, the company earned $0.45 earnings per share. The business's revenue for the quarter was up 44.4% compared to the same quarter last year. Analysts forecast that Old National Bancorp will post 2.57 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp's dividend payout ratio is currently 29.90%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ONB shares. Stephens raised their target price on Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Barclays increased their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Jefferies Financial Group raised their price objective on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a "hold" rating in a report on Wednesday, April 22nd. 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 report on Thursday, April 23rd. Finally, UBS Group started coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They set a "buy" rating and a $32.00 target price for the company. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Old National Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.55.

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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