Invesco Ltd. Purchases 1,216,004 Shares of Old National Bancorp $ONB

Key Points

• Invesco Ltd. increased its stake in Old National Bancorp by 161.3% during the first quarter, owning approximately 1.97 million shares valued at $41.74 million.
• Old National Bancorp reported earnings of $0.53 per share for the last quarter, exceeding analysts' estimates, with total revenue of approximately $633.41 million.
• The company announced a quarterly dividend of $0.14 per share, representing an annualized dividend yield of 2.6%.

Invesco Ltd. boosted its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 161.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,969,870 shares of the bank's stock after purchasing an additional 1,216,004 shares during the quarter. Invesco Ltd. owned about 0.62% of Old National Bancorp worth $41,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Millennium Management LLC lifted its stake in Old National Bancorp by 10,795.2% in the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock worth $104,096,000 after purchasing an additional 4,751,923 shares in the last quarter. Northern Trust Corp lifted its stake in Old National Bancorp by 17.6% in the 4th quarter. Northern Trust Corp now owns 4,277,530 shares of the bank's stock worth $92,844,000 after purchasing an additional 641,055 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its stake in Old National Bancorp by 7.5% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 4,261,690 shares of the bank's stock worth $92,500,000 after purchasing an additional 297,749 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Old National Bancorp in the 4th quarter worth approximately $78,293,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Old National Bancorp by 155.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,036,909 shares of the bank's stock worth $65,916,000 after purchasing an additional 1,850,249 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Barclays increased their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Piper Sandler reissued an "overweight" rating and issued a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Royal Bank Of Canada increased their price target on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. Finally, Jefferies Financial Group assumed coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $26.40.

Old National Bancorp Trading Up 5.9%

Shares of ONB stock traded up $1.26 on Friday, hitting $22.72. 3,618,650 shares of the company's stock traded hands, compared to its average volume of 2,613,384. 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 has a one year low of $16.83 and a one year high of $24.49. The company's fifty day simple moving average is $21.64 and its 200 day simple moving average is $21.43. The stock has a market capitalization of $8.90 billion, a price-to-earnings ratio of 13.44 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, July 22nd. The bank reported $0.53 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 9.92%. The company had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. During the same quarter last year, the firm earned $0.46 EPS. Equities analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is 33.14%.

About Old National Bancorp

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.