EJF Capital LLC Increases Holdings in Old National Bancorp $ONB

Key Points

• EJF Capital LLC increased its holdings in Old National Bancorp by 70%, now owning over 168,000 shares, which constitutes about 2.3% of their portfolio.
• Old National Bancorp recently declared a quarterly dividend of $0.14 per share, offering an annualized dividend yield of 2.5%.
• Analysts have set an average price target of $26.40 for Old National Bancorp, with ratings ranging from "Strong Buy" to "Hold".

EJF Capital LLC lifted its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 70.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 168,592 shares of the bank's stock after purchasing an additional 69,439 shares during the period. Old National Bancorp comprises about 2.3% of EJF Capital LLC's holdings, making the stock its 16th largest position. EJF Capital LLC owned 0.05% of Old National Bancorp worth $3,572,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Stifel Financial Corp increased its position in Old National Bancorp by 16.9% in the 4th quarter. Stifel Financial Corp now owns 62,670 shares of the bank's stock valued at $1,360,000 after acquiring an additional 9,076 shares during the period. Schonfeld Strategic Advisors LLC increased its position in Old National Bancorp by 108.5% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 47,426 shares of the bank's stock valued at $1,029,000 after acquiring an additional 24,682 shares during the period. Balyasny Asset Management L.P. acquired a new position in Old National Bancorp in the 4th quarter valued at about $4,967,000. Baird Financial Group Inc. increased its position in 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 acquiring an additional 675 shares during the period. Finally, Bridgefront Capital LLC acquired a new position in Old National Bancorp in the 4th quarter valued at about $272,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ONB shares. Truist Financial boosted their price target on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Piper Sandler restated an "overweight" rating and issued a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Barclays boosted their price target on Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. National Bankshares set a $24.00 price target on Old National Bancorp in a research report on Tuesday, May 20th. Finally, Royal Bank Of Canada boosted their price target on 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. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Stock Performance

NASDAQ ONB traded up $0.05 on Monday, hitting $22.87. 2,321,559 shares of the company's stock were exchanged, compared to its average volume of 3,171,731. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.92. The firm's 50-day moving average price is $22.03 and its two-hundred day moving average price is $21.33. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49. The firm has a market cap of $8.96 billion, a price-to-earnings ratio of 13.53 and a beta of 0.89.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.The company had revenue of $633.41 million for the quarter, compared to analysts' expectations of $622.83 million. During the same quarter in the previous year, the firm posted $0.46 EPS. On average, research analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

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

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.