Nalls Sherbakoff Group LLC Takes $3.21 Million Position in Old National Bancorp $ONB

Key Points

• Nalls Sherbakoff Group LLC opened a new position in Old National Bancorp, buying 143,773 shares worth about $3.21 million. The stock now makes up roughly 2.3% of the firm’s portfolio and is its seventh-largest holding.
• Wall Street sentiment on ONB remains constructive, with analysts from Barclays, Stephens, Citigroup, and others raising price targets. The stock currently carries a Moderate Buy consensus rating and an average target price of $27.91.
• Old National Bancorp recently beat earnings expectations, reporting $0.61 EPS versus the $0.60 consensus, while revenue rose 44.4% from a year earlier. The bank also paid a quarterly dividend of $0.145 per share, equal to a 2.3% annualized yield.

Nalls Sherbakoff Group LLC acquired a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 143,773 shares of the bank's stock, valued at approximately $3,208,000. Old National Bancorp comprises about 2.3% of Nalls Sherbakoff Group LLC's portfolio, making the stock its 7th biggest holding.

Other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in shares of Old National Bancorp by 2.0% during the 1st quarter. Royal Bank of Canada now owns 214,065 shares of the bank's stock worth $4,536,000 after buying an additional 4,153 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Old National Bancorp by 87.8% during the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank's stock worth $269,000 after acquiring an additional 5,936 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Old National Bancorp by 8.2% during the first quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank's stock worth $60,263,000 after acquiring an additional 215,203 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Old National Bancorp by 7.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank's stock worth $19,349,000 after acquiring an additional 64,110 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Old National Bancorp by 6.1% in the second quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank's stock worth $1,149,000 after acquiring an additional 3,091 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ONB has been the topic of a number of research analyst reports. Barclays raised their price target on shares of Old National Bancorp from $29.00 to $30.00 and gave the company an "overweight" rating in a research note on Tuesday, April 7th. Stephens upped their price objective on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Weiss Ratings reissued a "buy (b)" rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Citigroup raised their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research report on Tuesday, February 24th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a research note on Thursday, April 23rd. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Old National Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $27.91.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $24.80 on Friday. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of 12.78 and a beta of 0.84. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. The business's 50-day moving average price is $23.97 and its 200-day moving average price is $23.43. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $26.17.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The firm's revenue was up 44.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Equities research analysts forecast that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were given a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, June 5th. Old National Bancorp's dividend payout ratio is 29.90%.

Old National Bancorp Profile

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

Want to see what other hedge funds are holding ONB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old National Bancorp (NASDAQ:ONB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.