Old National Bancorp $ONB Shares Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its Old National Bancorp stake by 489.3% in the first quarter, ending with 73,403 shares valued at approximately $1.62 million. Institutional investors and hedge funds collectively own 83.66% of ONB.
• Old National Bancorp reported quarterly earnings of $0.65 per share, exceeding the $0.63 consensus estimate, while revenue rose 13.2% year over year to $726.86 million.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $29.27 versus the stock’s reported $26.41 price. The company also pays a $0.145 quarterly dividend, yielding about 2.2% annually.

Hsbc Holdings PLC raised its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 489.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 73,403 shares of the bank's stock after purchasing an additional 60,946 shares during the quarter. Hsbc Holdings PLC's holdings in Old National Bancorp were worth $1,619,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund lifted its holdings in shares of Old National Bancorp by 2.9% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 71,136 shares of the bank's stock valued at $1,572,000 after buying an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in Old National Bancorp during the first quarter worth about $220,000. DGS Capital Management LLC purchased a new position in Old National Bancorp during the first quarter valued at approximately $247,000. QRG Capital Management Inc. raised its position in Old National Bancorp by 14.2% during the first quarter. QRG Capital Management Inc. now owns 38,150 shares of the bank's stock valued at $843,000 after acquiring an additional 4,735 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC acquired a new position in Old National Bancorp in the first quarter valued at approximately $692,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

ONB stock opened at $26.41 on Tuesday. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.32. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $10.20 billion, a PE ratio of 11.74 and a beta of 0.83. The business has a 50 day simple moving average of $25.19 and a 200-day simple moving average of $24.06.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. The firm had revenue of $726.86 million for the quarter, compared to the consensus estimate of $716.25 million. Old National Bancorp had a return on equity of 16.16% and a net margin of 21.60%.The firm's revenue was up 13.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.53 earnings per share. Equities research analysts anticipate that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp's payout ratio is currently 25.78%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ONB shares. UBS Group assumed coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a "buy" rating and a $32.00 price objective on the stock. Jefferies Financial Group reiterated a "hold" rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Truist Financial increased their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Keefe, Bruyette & Woods raised their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Finally, TD Cowen raised their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Old National Bancorp currently has an average rating of "Moderate Buy" and an average target price of $29.27.

Old National Bancorp Company 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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