Kodai Capital Management LP Sells 29,542 Shares of Old National Bancorp $ONB

Key Points

• Kodai Capital Management LP has reduced its stake in Old National Bancorp by 2.6%, now owning approximately $23.60 million in shares.
• Old National Bancorp's stock currently holds an average analyst rating of "Moderate Buy" with a price target averaging $26.40.
• The company announced a $0.14 quarterly dividend to be paid on September 15, representing an annualized yield of 2.5%.

Kodai Capital Management LP reduced its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 2.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,113,688 shares of the bank's stock after selling 29,542 shares during the period. Kodai Capital Management LP owned approximately 0.35% of Old National Bancorp worth $23,599,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ONB. Stifel Financial Corp raised its position in shares of Old National Bancorp by 16.9% in the fourth quarter. Stifel Financial Corp now owns 62,670 shares of the bank's stock worth $1,360,000 after buying an additional 9,076 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Old National Bancorp by 10.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 220,596 shares of the bank's stock worth $4,787,000 after buying an additional 21,330 shares in the last quarter. Northern Trust Corp raised its position in shares of Old National Bancorp by 17.6% in the fourth quarter. Northern Trust Corp now owns 4,277,530 shares of the bank's stock worth $92,844,000 after buying an additional 641,055 shares in the last quarter. Schonfeld Strategic Advisors LLC raised its position in shares of Old National Bancorp by 108.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 47,426 shares of the bank's stock worth $1,029,000 after buying an additional 24,682 shares in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Old National Bancorp in the fourth quarter worth $78,293,000. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Barclays increased their price objective on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Truist Financial increased their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Piper Sandler restated an "overweight" rating and set a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. National Bankshares set a $24.00 price target on Old National Bancorp in a research report on Tuesday, May 20th. Finally, Royal Bank Of Canada raised their price target on 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. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Old National Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $26.40.

Old National Bancorp Stock Down 0.4%

Shares of ONB stock traded down $0.09 during trading hours on Wednesday, hitting $22.58. 942,849 shares of the company's stock traded hands, compared to its average volume of 3,178,760. The stock's fifty day simple moving average is $21.94 and its two-hundred day simple moving average is $21.37. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The stock has a market cap of $8.85 billion, a price-to-earnings ratio of 13.36 and a beta of 0.89. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $633.41 million during the quarter, compared to analyst estimates 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 period in the previous year, the business earned $0.46 EPS. On average, analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be issued a $0.14 dividend. 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%.

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.