Keeley Teton Advisors LLC Raises Stake in Old National Bancorp $ONB

Key Points

• Keeley Teton Advisors LLC has increased its stake in Old National Bancorp to $3.70 million, owning 174,501 shares after acquiring 11,714 additional shares in the first quarter.
• Old National Bancorp recently reported earnings of $0.53 per share for the last quarter, surpassing analyst expectations of $0.51, with a revenue of $633.41 million.
• The company announced a quarterly dividend of $0.14 per share, translating to an annualized dividend of $0.56 and a dividend yield of 2.5%.

Keeley Teton Advisors LLC grew its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 7.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 174,501 shares of the bank's stock after purchasing an additional 11,714 shares during the quarter. Keeley Teton Advisors LLC owned approximately 0.05% of Old National Bancorp worth $3,698,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. boosted its stake in shares of 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 period. Dimensional Fund Advisors LP boosted its stake in shares of Old National Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank's stock valued at $366,370,000 after purchasing an additional 183,850 shares during the period. Millennium Management LLC boosted its stake in shares of Old National Bancorp by 10,795.2% during the fourth quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock valued at $104,096,000 after purchasing an additional 4,751,923 shares during the period. Northern Trust Corp boosted its stake in shares of Old National Bancorp by 17.6% during the fourth quarter. Northern Trust Corp now owns 4,277,530 shares of the bank's stock valued at $92,844,000 after purchasing an additional 641,055 shares during the period. Finally, Silvercrest Asset Management Group LLC raised its holdings in shares of Old National Bancorp by 7.5% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 4,261,690 shares of the bank's stock valued at $92,500,000 after acquiring an additional 297,749 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. National Bankshares set a $24.00 price objective on Old National Bancorp in a report on Tuesday, May 20th. Jefferies Financial Group assumed coverage on Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective for the company. Royal Bank Of Canada lifted their price objective on Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. Piper Sandler restated an "overweight" rating and issued a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Finally, Truist Financial lifted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. One equities research 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 MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $26.40.

Old National Bancorp Stock Up 0.5%

Shares of ONB stock traded up $0.12 during trading hours on Friday, reaching $22.89. 2,642,157 shares of the company's stock were exchanged, compared to its average volume of 2,592,442. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The stock has a market cap of $8.97 billion, a PE ratio of 13.54 and a beta of 0.86. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The stock's fifty day moving average price is $21.87 and its two-hundred day moving average price is $21.39.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.02. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.The business had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. Research analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.14 per share. The ex-dividend date 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 payout ratio is presently 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.