Interval Partners LP Has $26.02 Million Holdings in Old National Bancorp $ONB

Key Points

• Interval Partners LP more than doubled its stake in Old National Bancorp in the fourth quarter, increasing holdings by 107.5% to 1.17 million shares worth about $26.0 million.
• Old National Bancorp reported Q1 earnings of $0.61 per share, slightly beating estimates, while revenue came in just below expectations at $702.7 million. Revenue was still up 44.4% year over year.
• The bank also paid a quarterly dividend of $0.145 per share, implying an annual yield of about 2.4%, and analysts remain broadly positive with a Moderate Buy consensus and average target price of $27.91.

Interval Partners LP increased its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 107.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,166,466 shares of the bank's stock after purchasing an additional 604,316 shares during the period. Interval Partners LP owned 0.30% of Old National Bancorp worth $26,024,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ONB. Royal Bank of Canada raised its position in Old National Bancorp by 2.0% in the 1st quarter. Royal Bank of Canada now owns 214,065 shares of the bank's stock worth $4,536,000 after purchasing an additional 4,153 shares during the last quarter. Jones Financial Companies Lllp raised its position in Old National Bancorp by 87.8% in the 1st quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank's stock worth $269,000 after purchasing an additional 5,936 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Old National Bancorp by 8.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank's stock worth $60,263,000 after purchasing an additional 215,203 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Old National Bancorp by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank's stock worth $19,349,000 after purchasing an additional 64,110 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in Old National Bancorp by 6.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank's stock worth $1,149,000 after purchasing an additional 3,091 shares during the last quarter. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Price Performance

ONB opened at $24.61 on Thursday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $26.17. The company has a fifty day simple moving average of $23.89 and a 200 day simple moving average of $23.40. The stock has a market cap of $9.51 billion, a P/E ratio of 12.69 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. The firm had revenue of $702.70 million during the quarter, compared to analyst estimates of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The company's revenue for the quarter was up 44.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 EPS. On average, research analysts expect that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were paid a $0.145 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a yield of 2.4%. Old National Bancorp's dividend payout ratio is presently 29.90%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Truist Financial boosted their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Citigroup upped their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research report on Tuesday, February 24th. Barclays upped their target price on shares of Old National Bancorp from $29.00 to $30.00 and gave the company an "overweight" rating in a research report on Tuesday, April 7th. Keefe, Bruyette & Woods upped their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Finally, Stephens upped their target price on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an "overweight" rating in a research report on Thursday, April 23rd. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.91.

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.

Want to see what other hedge funds are holding ONB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old National Bancorp (NASDAQ:ONB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.