Invesco Ltd. Increases Position in 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 holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 161.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm 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 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. USA Financial Formulas purchased a new stake in shares of Old National Bancorp during the first quarter valued at approximately $50,000. Fifth Third Bancorp grew its holdings in shares of Old National Bancorp by 21.9% during the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after buying an additional 695 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Old National Bancorp by 122.3% during the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after buying an additional 2,187 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of Old National Bancorp by 157.7% during the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank's stock valued at $91,000 after buying an additional 2,630 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Old National Bancorp by 44.0% during the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock valued at $127,000 after buying an additional 1,837 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Old National Bancorp Stock Up 1.1%

ONB opened at $21.55 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $24.49. The company has a market capitalization of $8.44 billion, a PE ratio of 12.75 and a beta of 0.86. The firm's 50 day simple moving average is $21.57 and its two-hundred day simple moving average is $21.47.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share 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 business had revenue of $633.41 million for the quarter, compared to the consensus estimate of $622.83 million. During the same period last year, the firm earned $0.46 earnings per share. As a group, equities analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, September 5th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 33.14%.

Analysts Set New Price Targets

ONB has been the topic of a number of research analyst reports. Piper Sandler restated an "overweight" rating and set a $27.00 price objective (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Citigroup lowered their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Barclays increased their price objective on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Truist Financial increased their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Royal Bank Of Canada increased their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 23rd. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Company 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.

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