Northern Trust Corp Sells 189,634 Shares of Old National Bancorp $ONB

Key Points

• Northern Trust Corp has reduced its stake in Old National Bancorp by 4.4%, owning approximately 4.1 million shares worth about $86.6 million as of the end of the first quarter.
• Old National Bancorp reported a net margin of 17.67% and an EPS of $0.53 for its latest quarter, exceeding analyst expectations by $0.02.
• The company announced a quarterly dividend of $0.14 per share, representing an annualized yield of 2.5%, with the payment scheduled for September 15th.

Northern Trust Corp decreased its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 4.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,087,896 shares of the bank's stock after selling 189,634 shares during the quarter. Northern Trust Corp owned approximately 1.28% of Old National Bancorp worth $86,623,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Summit Securities Group LLC bought a new position in Old National Bancorp in the first quarter valued at about $32,000. USA Financial Formulas purchased a new stake in Old National Bancorp in the first quarter worth about $50,000. Fifth Third Bancorp increased its position in Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after buying an additional 695 shares in the last quarter. UMB Bank n.a. increased 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 worth $84,000 after buying an additional 2,187 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in Old National Bancorp by 157.7% in the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank's stock worth $91,000 after buying an additional 2,630 shares in the last quarter. Institutional investors own 83.66% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on ONB shares. Jefferies Financial Group started coverage on Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target for the company. Piper Sandler restated an "overweight" rating and issued a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. National Bankshares set a $24.00 price target on Old National Bancorp in a research report on Tuesday, May 20th. Royal Bank Of Canada upped their price target on Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 23rd. Finally, Truist Financial upped their price target on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB traded up $0.12 during trading on Friday, hitting $22.89. 2,642,157 shares of the company's stock were exchanged, compared to its average volume of 2,592,442. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49. The business's 50-day simple moving average is $21.87 and its 200 day simple moving average is $21.39. The company has a market cap of $8.97 billion, a price-to-earnings ratio of 13.54 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.The firm had revenue of $633.41 million during the quarter, compared to analysts' expectations of $622.83 million. During the same quarter last year, the business posted $0.46 earnings per share. As a group, equities analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. Old National Bancorp's dividend payout ratio is presently 33.14%.

Old National Bancorp Company 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.