Old National Bancorp $ONB Shares Sold by Teza Capital Management LLC

Key Points

• Teza Capital Management LLC reduced its holdings in Old National Bancorp by 59.5% during the first quarter, now owning 10,291 shares valued at approximately $218,000.
• Research analysts have issued various ratings on Old National Bancorp, with a majority rating it as a "Moderate Buy" and setting an average price target of $26.40.
• Old National Bancorp announced a quarterly dividend of $0.14 per share, providing a dividend yield of 2.5% based on an annualized payout.

Teza Capital Management LLC reduced its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 59.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,291 shares of the bank's stock after selling 15,095 shares during the quarter. Teza Capital Management LLC's holdings in Old National Bancorp were worth $218,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Nuveen LLC purchased a new stake in shares of Old National Bancorp during the 1st quarter worth about $22,463,000. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Old National Bancorp by 1.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock worth $380,202,000 after acquiring an additional 216,188 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Old National Bancorp by 161.3% during the 1st quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after acquiring an additional 1,216,004 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Old National Bancorp by 44.0% during the 1st quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock worth $127,000 after acquiring an additional 1,837 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in shares of Old National Bancorp by 20.8% during the 1st quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank's stock worth $1,548,000 after acquiring an additional 12,596 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ONB. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a research note on Tuesday, May 20th. Royal Bank Of Canada raised their price target on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 23rd. Barclays raised their price target on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Truist Financial raised their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, Jefferies Financial Group began coverage on shares of Old National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target on the stock. One investment 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 MarketBeat.com, Old National Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $26.40.

Old National Bancorp Price Performance

ONB traded up $0.26 during trading on Friday, reaching $22.66. The company's stock had a trading volume of 4,396,374 shares, compared to its average volume of 2,565,049. 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 firm has a fifty day simple moving average of $22.12 and a two-hundred day simple moving average of $21.31. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The company has a market cap of $8.88 billion, a price-to-earnings ratio of 13.41 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 for the quarter, topping analysts' consensus estimates of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The business had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. During the same period last year, the company posted $0.46 EPS. As a group, analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

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 issued a dividend of $0.14 per share. The ex-dividend date is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. Old National Bancorp's dividend payout ratio (DPR) is currently 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.