Keeley Teton Advisors LLC Boosts 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 raised its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 7.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 174,501 shares of the bank's stock after buying an additional 11,714 shares during the quarter. Keeley Teton Advisors LLC owned about 0.05% of Old National Bancorp worth $3,698,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Baird Financial Group Inc. grew its stake in shares of Old National Bancorp by 2.3% during the fourth quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank's stock valued at $648,000 after purchasing an additional 675 shares during the last quarter. Fifth Third Bancorp grew its stake 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 purchasing an additional 695 shares during the last quarter. Xponance Inc. grew its stake in shares of Old National Bancorp by 1.7% during the first quarter. Xponance Inc. now owns 45,614 shares of the bank's stock valued at $967,000 after purchasing an additional 752 shares during the last quarter. State of Michigan Retirement System boosted its position in shares of Old National Bancorp by 1.1% during the first quarter. State of Michigan Retirement System now owns 76,342 shares of the bank's stock worth $1,618,000 after purchasing an additional 800 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Old National Bancorp by 1.0% during the first quarter. CWM LLC now owns 90,600 shares of the bank's stock worth $1,920,000 after acquiring an additional 874 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

Shares of NASDAQ ONB traded up $0.12 during midday trading on Friday, hitting $22.89. 2,642,157 shares of the company's stock were exchanged, compared to its average volume of 3,193,279. 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 12-month low of $16.83 and a 12-month high of $24.49. The company has a market cap of $8.97 billion, a price-to-earnings ratio of 13.54 and a beta of 0.86. The business's fifty day moving average price is $21.82 and its two-hundred day moving average price is $21.41.

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

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, September 5th. Old National Bancorp's dividend payout ratio is currently 33.14%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ONB shares. Barclays boosted their price objective 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. Jefferies Financial Group assumed coverage on Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 target price for the company. Piper Sandler restated an "overweight" rating and set a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Royal Bank Of Canada raised 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. Finally, National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock 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.