Mendon Capital Advisors Corp Invests $1.59 Million in Old National Bancorp $ONB

Key Points

• Mendon Capital Advisors Corp invested approximately $1.59 million in Old National Bancorp by acquiring 75,000 shares in the first quarter.
• Old National Bancorp reported earnings of $0.53 per share, exceeding estimates and reflecting a net margin of 17.67% during its latest quarterly earnings.
• The company announced a quarterly dividend of $0.14 per share, representing a 2.5% yield, payable on September 15th.

Mendon Capital Advisors Corp bought a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 75,000 shares of the bank's stock, valued at approximately $1,589,000.

Several other institutional investors have also modified their holdings of ONB. Summit Securities Group LLC purchased a new stake in shares of Old National Bancorp during the 1st quarter worth $32,000. USA Financial Formulas purchased a new stake in shares of Old National Bancorp during the 1st quarter worth $50,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Old National Bancorp during the 1st quarter worth $51,000. Fifth Third Bancorp lifted its position in shares of Old National Bancorp by 21.9% during the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after purchasing an additional 695 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in Old National Bancorp by 122.3% in the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after acquiring an additional 2,187 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Trading Down 2.5%

Shares of Old National Bancorp stock opened at $22.30 on Wednesday. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The company's 50-day simple moving average is $22.07 and its 200-day simple moving average is $21.33. The firm has a market cap of $8.74 billion, a price-to-earnings ratio of 13.20 and a beta of 0.89.

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 (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $622.83 million. During the same period in the previous year, the business posted $0.46 earnings per share. As a group, 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 business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, September 5th. Old National Bancorp's dividend payout ratio is presently 33.14%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Piper Sandler reissued an "overweight" rating and issued a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Truist Financial boosted their price target 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. Barclays boosted their price target 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. Jefferies Financial Group initiated coverage on shares of Old National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective on the stock. Finally, Royal Bank Of Canada lifted 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 note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $26.40.

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.

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