OLD National Bancorp IN Acquires 174,654 Shares of Old National Bancorp (NASDAQ:ONB)

OLD National Bancorp IN boosted its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 11.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,707,760 shares of the bank's stock after purchasing an additional 174,654 shares during the quarter. Old National Bancorp comprises approximately 1.0% of OLD National Bancorp IN's holdings, making the stock its 18th largest position. OLD National Bancorp IN owned about 0.54% of Old National Bancorp worth $36,187,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ONB. Sanctuary Advisors LLC lifted its holdings in shares of Old National Bancorp by 1.4% during the 4th quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank's stock worth $762,000 after acquiring an additional 432 shares during the period. Mariner LLC lifted its stake in Old National Bancorp by 0.9% during the fourth quarter. Mariner LLC now owns 57,744 shares of the bank's stock worth $1,253,000 after purchasing an additional 509 shares during the period. Covestor Ltd lifted its stake in Old National Bancorp by 13.6% during the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank's stock worth $95,000 after purchasing an additional 524 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in Old National Bancorp by 3.8% during the fourth quarter. CIBC Private Wealth Group LLC now owns 16,744 shares of the bank's stock valued at $356,000 after purchasing an additional 615 shares in the last quarter. Finally, Baird Financial Group Inc. grew its stake in shares of Old National Bancorp by 2.3% in the 4th quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank's stock valued at $648,000 after purchasing an additional 675 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Price Performance

Shares of ONB stock traded down $0.40 during trading hours on Wednesday, reaching $21.17. 2,489,361 shares of the company were exchanged, compared to its average volume of 2,687,799. Old National Bancorp has a fifty-two week low of $15.60 and a fifty-two week high of $24.49. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The stock's fifty day moving average is $20.55 and its two-hundred day moving average is $21.77. The company has a market cap of $6.77 billion, a price-to-earnings ratio of 12.60 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.03. The firm had revenue of $486.87 million for the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. Sell-side analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.65%. The ex-dividend date is Thursday, June 5th. Old National Bancorp's dividend payout ratio is 32.56%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wall Street Zen upgraded Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Truist Financial initiated coverage on shares of Old National Bancorp in a research report on Tuesday, May 13th. They set a "buy" rating and a $26.00 target price for the company. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. Jefferies Financial Group assumed coverage on shares of Old National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective on the stock. Finally, Raymond James cut their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 2nd. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $25.90.

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.