75,000 Shares in Old National Bancorp $ONB Bought by Mendon Capital Advisors Corp

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 purchased a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 75,000 shares of the bank's stock, valued at approximately $1,589,000.

Other hedge funds have also bought and sold shares of the company. Summit Securities Group LLC bought a new stake in Old National Bancorp in the 1st quarter valued at about $32,000. USA Financial Formulas bought a new stake in shares of Old National Bancorp in the first quarter valued at approximately $50,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Old National Bancorp during the first quarter worth approximately $51,000. Fifth Third Bancorp increased its stake in 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 acquiring an additional 695 shares during the period. Finally, UMB Bank n.a. raised its holdings in Old National Bancorp by 122.3% in the 1st 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 in the last quarter. 83.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. National Bankshares set a $24.00 target price on Old National Bancorp in a report on Tuesday, May 20th. Barclays increased 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. Royal Bank Of Canada upped 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. Piper Sandler reiterated 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. Finally, Jefferies Financial Group started coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $26.40.

Old National Bancorp Price Performance

ONB stock traded down $0.63 during trading on Monday, reaching $22.03. 1,358,297 shares of the company were exchanged, compared to its average volume of 3,165,345. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of 13.01 and a beta of 0.89. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.92. The company has a 50-day moving average of $22.12 and a two-hundred day moving average of $21.30. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its 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 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 analysts' expectations of $622.83 million. During the same quarter in the previous year, the firm posted $0.46 earnings per share. As a group, equities analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company 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 $0.14 dividend. The ex-dividend date is Friday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.5%. Old National Bancorp's dividend payout ratio (DPR) is currently 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.