Norges Bank Makes New Investment in Old National Bancorp $ONB

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Old National Bancorp, buying 3.26 million shares worth about $72.7 million and ending with roughly 0.83% ownership.
• Old National Bancorp recently reported quarterly EPS of $0.61, slightly ahead of estimates, while revenue came in just below expectations at $702.7 million; revenue was still up 44.4% year over year.
• The bank declared a quarterly dividend of $0.145 per share and maintained a 2.4% annualized yield, while analysts overall rate the stock a Moderate Buy with an average target price of $27.91.

Norges Bank acquired a new position in Old National Bancorp (NASDAQ:ONB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,256,872 shares of the bank's stock, valued at approximately $72,661,000. Norges Bank owned about 0.83% of Old National Bancorp at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Carlson Capital L.P. boosted its holdings in shares of Old National Bancorp by 1.1% in the 4th quarter. Carlson Capital L.P. now owns 38,000 shares of the bank's stock worth $848,000 after purchasing an additional 400 shares during the period. Rothschild Investment LLC boosted its holdings in shares of Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank's stock worth $28,000 after purchasing an additional 535 shares during the period. Glenmede Investment Management LP boosted its holdings in shares of Old National Bancorp by 1.0% in the 3rd quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank's stock worth $1,362,000 after purchasing an additional 625 shares during the period. Connable Office Inc. boosted its holdings in shares of Old National Bancorp by 2.9% in the 3rd quarter. Connable Office Inc. now owns 22,191 shares of the bank's stock worth $487,000 after purchasing an additional 635 shares during the period. Finally, Teza Capital Management LLC boosted its holdings in shares of Old National Bancorp by 6.8% in the 2nd quarter. Teza Capital Management LLC now owns 10,993 shares of the bank's stock worth $235,000 after purchasing an additional 702 shares during the period. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Price Performance

ONB opened at $23.96 on Friday. The business has a fifty day moving average of $23.48 and a 200 day moving average of $23.18. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $26.17. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. The stock has a market cap of $9.26 billion, a P/E ratio of 12.35 and a beta of 0.84.

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

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, June 5th will be issued a dividend of $0.145 per share. The ex-dividend date is Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a yield of 2.4%. Old National Bancorp's payout ratio is presently 29.90%.

Analyst Ratings Changes

ONB has been the subject of a number of recent research reports. Citigroup lifted their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a report on Tuesday, February 24th. Keefe, Bruyette & Woods lifted their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Truist Financial lifted their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Jefferies Financial Group lifted their target price on Old National Bancorp from $23.00 to $25.00 and gave the stock a "hold" rating in a report on Wednesday, April 22nd. Finally, Barclays lifted their target price on Old National Bancorp from $29.00 to $30.00 and gave the stock an "overweight" rating in a report on Tuesday, April 7th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $27.91.

About Old National Bancorp

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.