Interval Partners LP Sells 230,979 Shares of Old National Bancorp $ONB

Key Points

• Interval Partners LP sold 230,979 shares of Old National Bancorp, reducing its holdings by 39.5% to 353,259 shares, valued at approximately $7.5 million.
• Institutional investors now own 83.66% of Old National Bancorp, with several firms significantly increasing their stakes during the first quarter.
• The company has announced a quarterly dividend of $0.14, which represents an annualized yield of 2.4% and a payout ratio of 33.14%.

Interval Partners LP lessened its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 39.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 353,259 shares of the bank's stock after selling 230,979 shares during the period. Interval Partners LP owned about 0.11% of Old National Bancorp worth $7,486,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of ONB. Nuveen LLC acquired a new stake in Old National Bancorp during the first quarter valued at $22,463,000. Fuller & Thaler Asset Management Inc. boosted its position in Old National Bancorp by 1.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock valued at $380,202,000 after purchasing an additional 216,188 shares during the last quarter. Invesco Ltd. lifted its position in shares of Old National Bancorp by 161.3% in the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after buying an additional 1,216,004 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Old National Bancorp by 44.0% in the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock worth $127,000 after buying an additional 1,837 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its position in shares of Old National Bancorp by 20.8% in the first quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank's stock worth $1,548,000 after buying an additional 12,596 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Price Performance

Shares of ONB stock traded up $0.36 during trading hours on Wednesday, hitting $22.66. The company had a trading volume of 937,777 shares, compared to its average volume of 3,153,495. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49. The firm has a market capitalization of $8.88 billion, a price-to-earnings ratio of 13.42 and a beta of 0.89. The firm's fifty day moving average is $22.07 and its 200 day moving average is $21.33. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its 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. The business had revenue of $633.41 million for the quarter, compared to the consensus estimate of $622.83 million. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.During the same period in the previous year, the business earned $0.46 EPS. On average, sell-side analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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 annualized dividend and a yield of 2.5%. Old National Bancorp's dividend payout ratio is currently 33.14%.

Analysts Set New Price Targets

A number of analysts have weighed in on ONB shares. National Bankshares set a $24.00 price target on Old National Bancorp in a research report on Tuesday, May 20th. Jefferies Financial Group began coverage on Old National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective on the stock. Piper Sandler reiterated an "overweight" rating and issued a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Barclays lifted their price objective on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada lifted their price objective on Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $26.40.

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.