Old National Bancorp $ONB Shares Acquired by Stieven Capital Advisors L.P.

Key Points

• Stieven Capital Advisors L.P. boosted its stake in Old National Bancorp (ONB) by 17.5% in Q3 to 507,634 shares (added 75,700), holding roughly $11.14M and making ONB about 2.1% of its portfolio; institutional investors own about 83.66% of the company.
• Wall Street analysts give ONB a consensus rating of “Moderate Buy” with an average price target of $27.45, versus a recent share price around $21.51.
• Dividend and results: ONB announced a $0.145 quarterly dividend (annualized $0.58, ~2.7% yield) and reported quarterly EPS of $0.62, beating estimates, while trading at a PE of about 12 and a market cap near $8.38B.

Stieven Capital Advisors L.P. increased its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 17.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 507,634 shares of the bank's stock after buying an additional 75,700 shares during the period. Old National Bancorp comprises approximately 2.1% of Stieven Capital Advisors L.P.'s investment portfolio, making the stock its 22nd largest holding. Stieven Capital Advisors L.P. owned approximately 0.13% of Old National Bancorp worth $11,143,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Old National Bancorp by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank's stock worth $808,047,000 after acquiring an additional 3,379,577 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Old National Bancorp by 1.0% during the third quarter. Dimensional Fund Advisors LP now owns 17,504,936 shares of the bank's stock valued at $384,236,000 after purchasing an additional 180,156 shares in the last quarter. American Century Companies Inc. grew its position in shares of Old National Bancorp by 2.5% in the second quarter. American Century Companies Inc. now owns 12,631,487 shares of the bank's stock valued at $269,556,000 after purchasing an additional 309,812 shares during the period. Geode Capital Management LLC grew its position in shares of Old National Bancorp by 4.6% in the second quarter. Geode Capital Management LLC now owns 8,813,765 shares of the bank's stock valued at $188,105,000 after purchasing an additional 389,556 shares during the period. Finally, William Blair Investment Management LLC increased its stake in shares of Old National Bancorp by 12.4% during the third quarter. William Blair Investment Management LLC now owns 5,869,840 shares of the bank's stock worth $128,843,000 after purchasing an additional 645,288 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. National Bank Financial set a $30.00 price objective on Old National Bancorp in a report on Thursday, January 22nd. UBS Group restated a "neutral" rating and issued a $26.00 target price on shares of Old National Bancorp in a research report on Wednesday, February 4th. Citigroup lifted their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Royal Bank Of Canada increased their price objective on Old National Bancorp from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Thursday, January 22nd. Finally, Truist Financial raised their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Old National Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $27.45.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $21.51 on Friday. Old National Bancorp has a one year low of $16.83 and a one year high of $26.17. The stock has a market cap of $8.38 billion, a PE ratio of 12.02 and a beta of 0.84. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a 50 day moving average price of $23.83 and a 200 day moving average price of $22.53.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.03. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.The company had revenue of $698.53 million during the quarter, compared to analysts' expectations of $705.62 million. During the same period in the prior year, the business earned $0.49 EPS. Equities research analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, May 16th. Investors of record on Tuesday, May 5th will be given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, May 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 32.40%.

Insider Buying and Selling

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of the business's stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total value of $751,500.00. Following the transaction, the insider directly owned 20,438 shares in the company, valued at $511,971.90. The trade was a 59.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.87% of the stock is owned by company insiders.

Old National Bancorp Profile

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.

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