Landscape Capital Management L.L.C. Purchases New Shares in Old National Bancorp $ONB

Key Points

• Landscape Capital Management L.L.C. made a new investment in Old National Bancorp, purchasing 28,974 shares valued at approximately $614,000 in the first quarter.
• Analysts have varying ratings on the stock, with a consensus price target of $26.40 and several firms raising their price targets recently.
• Old National Bancorp announced a quarterly dividend of $0.14 per share, indicating a yield of 2.4% and a payout ratio of 33.14%.

Landscape Capital Management L.L.C. bought a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 28,974 shares of the bank's stock, valued at approximately $614,000.

A number of other large investors have also added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. increased its holdings in 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 worth $380,202,000 after buying an additional 216,188 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in 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 worth $366,370,000 after purchasing an additional 183,850 shares during the period. Millennium Management LLC boosted its position in 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 worth $104,096,000 after purchasing an additional 4,751,923 shares during the period. Northern Trust Corp boosted its position in Old National Bancorp by 17.6% during the fourth 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 during the period. Finally, Silvercrest Asset Management Group LLC boosted its position in Old National Bancorp by 7.5% during the fourth 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 during the period. Hedge funds and other institutional investors own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ONB. Truist Financial increased their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Royal Bank Of Canada raised 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. Barclays raised 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. Piper Sandler reiterated an "overweight" rating and set a $27.00 target price (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Finally, National Bankshares set a $24.00 target price on shares of Old National Bancorp in a research report on Tuesday, May 20th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Price Performance

Shares of ONB stock traded up $0.21 during trading hours on Thursday, hitting $22.98. 800,158 shares of the company's stock were exchanged, compared to its average volume of 3,174,987. The company has a market capitalization of $9.01 billion, a PE ratio of 13.59 and a beta of 0.89. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The business's 50 day simple moving average is $21.97 and its 200-day simple moving average is $21.38. 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 (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS 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 firm 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 posted $0.46 earnings per share. On average, equities research analysts anticipate that Old National Bancorp will post 2.08 earnings per share 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 paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, September 5th. Old National Bancorp's payout ratio is presently 33.14%.

Old National Bancorp 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.