Old National Bancorp (NASDAQ:ONB) Shares Sold by Phocas Financial Corp.

Key Points

• Phocas Financial Corp. decreased its stake in Old National Bancorp by 5.5% in the first quarter, now owning 363,219 shares valued at approximately $7.7 million.
• The company reported earnings of $0.53 per share for the most recent quarter, exceeding analysts' expectations of $0.51, with revenue of $633.41 million.
• Old National Bancorp declared a quarterly dividend of $0.14 per share, yielding 2.7%, with a currently healthy dividend payout ratio of 33.14%.

Phocas Financial Corp. lowered its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 5.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 363,219 shares of the bank's stock after selling 20,982 shares during the period. Old National Bancorp accounts for 1.2% of Phocas Financial Corp.'s portfolio, making the stock its 24th largest position. Phocas Financial Corp. owned 0.11% of Old National Bancorp worth $7,697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ONB. PNC Financial Services Group Inc. raised its stake in shares of Old National Bancorp by 12.0% during the first quarter. PNC Financial Services Group Inc. now owns 9,939 shares of the bank's stock valued at $211,000 after acquiring an additional 1,063 shares during the last quarter. Natixis Advisors LLC boosted its holdings in Old National Bancorp by 35.3% in the 1st quarter. Natixis Advisors LLC now owns 77,129 shares of the bank's stock valued at $1,634,000 after purchasing an additional 20,132 shares during the period. Bayforest Capital Ltd lifted its holdings in shares of Old National Bancorp by 1,524.7% during the 1st quarter. Bayforest Capital Ltd now owns 36,426 shares of the bank's stock worth $772,000 after acquiring an additional 34,184 shares during the last quarter. Federated Hermes Inc. raised its position in Old National Bancorp by 2.1% in the 1st quarter. Federated Hermes Inc. now owns 266,923 shares of the bank's stock worth $5,656,000 after purchasing an additional 5,451 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Old National Bancorp by 3.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 76,587 shares of the bank's stock valued at $1,623,000 after acquiring an additional 2,349 shares during the period. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Trading Down 1.1%

NASDAQ ONB traded down $0.24 on Thursday, reaching $20.49. The company had a trading volume of 397,267 shares, compared to its average volume of 3,245,177. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The stock has a market cap of $8.03 billion, a price-to-earnings ratio of 12.09 and a beta of 0.86. The stock's 50 day moving average is $21.54 and its 200-day moving average is $21.62.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The firm had revenue of $633.41 million for the quarter, compared to the consensus estimate 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 last year, the business posted $0.46 EPS. Equities analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Thursday, June 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Thursday, June 5th. Old National Bancorp's dividend payout ratio is currently 33.14%.

Analyst Upgrades and Downgrades

ONB has been the topic of a number of research analyst reports. Citigroup lowered their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler reissued an "overweight" rating and set a $27.00 target price (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Wall Street Zen upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. Royal Bank Of Canada increased their target price on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 23rd. Finally, National Bankshares set a $24.00 price objective on shares of Old National Bancorp in a research report on Tuesday, May 20th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $26.40.

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.