FJ Capital Management LLC Increases Stock Holdings in Old National Bancorp $ONB

Key Points

• FJ Capital Management LLC significantly increased its stake in Old National Bancorp by 144.0%, acquiring 175,901 additional shares, bringing its total ownership to 298,091 shares valued at approximately $6.3 million.
• Several analysts have raised their price targets for Old National Bancorp, with Barclays setting a new target of $28.00 and maintaining an "overweight" rating.
• Old National Bancorp recently reported quarterly earnings of $0.53 EPS, exceeding analyst expectations, and announced a dividend of $0.14 per share to be paid on September 15th.

FJ Capital Management LLC raised its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 144.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 298,091 shares of the bank's stock after acquiring an additional 175,901 shares during the period. FJ Capital Management LLC owned approximately 0.09% of Old National Bancorp worth $6,317,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Royal Bank of Canada lifted its stake in Old National Bancorp by 2.0% during the 1st quarter. Royal Bank of Canada now owns 214,065 shares of the bank's stock valued at $4,536,000 after acquiring an additional 4,153 shares during the period. Vident Advisory LLC acquired a new stake in Old National Bancorp during the 1st quarter valued at approximately $234,000. The Manufacturers Life Insurance Company lifted its stake in Old National Bancorp by 17.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 3,557,437 shares of the bank's stock valued at $75,382,000 after acquiring an additional 520,528 shares during the period. Landscape Capital Management L.L.C. acquired a new stake in Old National Bancorp during the 1st quarter valued at approximately $614,000. Finally, Elizabeth Park Capital Advisors Ltd. lifted its holdings in Old National Bancorp by 17.9% in the first quarter. Elizabeth Park Capital Advisors Ltd. now owns 207,114 shares of the bank's stock valued at $4,389,000 after acquiring an additional 31,514 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ONB has been the subject of several recent research reports. Piper Sandler reaffirmed an "overweight" rating and set a $27.00 target price (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. National Bankshares set a $24.00 target price on Old National Bancorp in a research report on Tuesday, May 20th. Royal Bank Of Canada lifted their price target on Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 23rd. Truist Financial upped 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. Finally, Jefferies Financial Group began coverage on Old National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $24.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $26.40.

Old National Bancorp Price Performance

NASDAQ ONB traded up $0.40 on Thursday, hitting $23.17. The company had a trading volume of 1,965,888 shares, compared to its average volume of 3,182,277. The company has a market capitalization of $9.08 billion, a PE ratio of 13.71 and a beta of 0.89. The company's fifty day moving average price is $21.97 and its 200-day moving average price is $21.38. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, topping 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 company had revenue of $633.41 million during the quarter, compared to analyst estimates of $622.83 million. During the same quarter in the previous year, the firm earned $0.46 EPS. As a group, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. Old National Bancorp's dividend payout ratio is presently 33.14%.

Old National Bancorp 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.