Northern Trust Corp Decreases Stock Holdings in 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 reduced its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 4.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new stake 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 valued at about $50,000. Fifth Third Bancorp raised its stake in Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after buying an additional 695 shares during the last quarter. UMB Bank n.a. raised its stake in shares of 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 purchasing an additional 2,187 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of 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 purchasing an additional 2,630 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ONB has been the subject of several research analyst reports. Piper Sandler restated an "overweight" rating and issued a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Truist Financial raised their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Jefferies Financial Group initiated coverage on Old National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective for the company. Royal Bank Of Canada raised their price objective on 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. Finally, Barclays raised their price objective on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Stock Performance

Old National Bancorp stock traded up $0.17 during mid-day trading on Friday, hitting $22.94. The company had a trading volume of 935,663 shares, compared to its average volume of 3,182,624. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The company's fifty day moving average is $21.82 and its 200-day moving average is $21.41. The company has a market capitalization of $8.99 billion, a price-to-earnings ratio of 13.57 and a beta of 0.86.

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

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. Old National Bancorp's dividend payout ratio (DPR) is 33.14%.

About Old National Bancorp

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.