Russell Investments Group Ltd. Sells 64,002 Shares of Old National Bancorp $ONB

Key Points

• Russell Investments Group Ltd. reduced its stake in Old National Bancorp by 55.8%, selling 64,002 shares and now holding 50,762 shares valued at approximately $1.08 million.
• A number of other institutional investors, including Millennium Management LLC, significantly increased their positions in Old National Bancorp, with Millennium raising its holdings by over 10,795%.
• Analysts maintain a generally positive outlook on Old National Bancorp, with several firms increasing their price targets; the consensus rating is a "Moderate Buy" and the average target price is $26.40.

Russell Investments Group Ltd. decreased its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 55.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,762 shares of the bank's stock after selling 64,002 shares during the quarter. Russell Investments Group Ltd.'s holdings in Old National Bancorp were worth $1,076,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ONB. Millennium Management LLC lifted its stake in Old National Bancorp by 10,795.2% in the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock worth $104,096,000 after acquiring an additional 4,751,923 shares in the last quarter. Northern Trust Corp lifted its stake in Old National Bancorp by 17.6% in the 4th quarter. Northern Trust Corp now owns 4,277,530 shares of the bank's stock worth $92,844,000 after acquiring an additional 641,055 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its stake in Old National Bancorp by 7.5% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 4,261,690 shares of the bank's stock worth $92,500,000 after acquiring an additional 297,749 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in Old National Bancorp in the 4th quarter worth about $78,293,000. Finally, Brown Advisory Inc. increased its position in Old National Bancorp by 1.4% in the 1st quarter. Brown Advisory Inc. now owns 2,770,907 shares of the bank's stock worth $58,716,000 after purchasing an additional 37,803 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. National Bankshares set a $24.00 target price on Old National Bancorp in a research report on Tuesday, May 20th. Royal Bank Of Canada upped their target price on Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 23rd. Truist Financial upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Jefferies Financial Group assumed coverage on Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price on the stock. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $27.00 target price (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Old National Bancorp currently has an average rating of "Moderate Buy" and an average target price of $26.40.

Old National Bancorp Stock Up 0.5%

Shares of NASDAQ ONB traded up $0.11 during mid-day trading on Wednesday, reaching $22.77. 2,672,270 shares of the company traded hands, compared to its average volume of 2,448,266. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $8.92 billion, a PE ratio of 13.47 and a beta of 0.89. The company's fifty day moving average is $21.97 and its two-hundred day moving average is $21.38. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The business had revenue of $633.41 million for the quarter, compared to analyst estimates 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 in the prior year, the firm posted $0.46 EPS. On average, analysts expect 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 will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be paid a dividend of $0.14 per share. The ex-dividend date is Friday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.5%. Old National Bancorp's dividend payout ratio is presently 33.14%.

Old National Bancorp 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.