MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 88,201 Shares of Old National Bancorp $ONB

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its shares in Old National Bancorp by 32.0%, selling 88,201 shares and owning 187,377 shares worth approximately $3.97 million at the end of Q1.
• Old National Bancorp reported earnings of $0.53 EPS for Q2, surpassing expectations, with a revenue of $633.41 million, compared to predictions of $622.83 million.
• A quarterly dividend of $0.14 per share was announced, representing an annualized yield of 2.5%, with the ex-dividend date set for September 5th.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 32.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 187,377 shares of the bank's stock after selling 88,201 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.06% of Old National Bancorp worth $3,971,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ONB. Invesco Ltd. increased its stake in shares of Old National Bancorp by 161.3% during the 1st quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after purchasing an additional 1,216,004 shares during the last quarter. Nuveen LLC acquired a new position in shares of Old National Bancorp during the 1st quarter worth about $22,463,000. Zimmer Partners LP acquired a new position in shares of Old National Bancorp during the 4th quarter worth about $11,938,000. The Manufacturers Life Insurance Company increased its stake in shares of Old National Bancorp by 17.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 3,557,437 shares of the bank's stock worth $75,382,000 after purchasing an additional 520,528 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Old National Bancorp by 131.0% during the 1st quarter. Retirement Systems of Alabama now owns 895,841 shares of the bank's stock worth $18,983,000 after purchasing an additional 507,996 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

NASDAQ ONB traded up $0.58 during trading on Thursday, reaching $22.56. The company's stock had a trading volume of 3,650,433 shares, compared to its average volume of 2,805,502. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $8.84 billion, a price-to-earnings ratio of 13.35 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 firm has a 50 day moving average price of $22.04 and a 200 day moving average price of $21.29.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The firm had revenue of $633.41 million during the quarter, compared to the consensus estimate 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 firm posted $0.46 EPS. As a group, equities analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. Old National Bancorp's payout ratio is currently 33.14%.

Analyst Ratings Changes

ONB has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 23rd. Truist Financial upped 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 note on Friday, July 11th. 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 target on the stock. Barclays upped 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 note on Tuesday, July 8th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research note 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 company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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.