Teza Capital Management LLC Lowers Holdings in Old National Bancorp $ONB

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

Several other institutional investors have also recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Old National Bancorp by 1.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock valued at $380,202,000 after purchasing an additional 216,188 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Old National Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank's stock valued at $366,370,000 after purchasing an additional 183,850 shares during the period. Millennium Management LLC raised its holdings in shares of 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 during the last quarter. Silvercrest Asset Management Group LLC raised its holdings in shares of 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 during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Old National Bancorp by 17.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 3,557,437 shares of the bank's stock worth $75,382,000 after acquiring an additional 520,528 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on ONB. Truist Financial upped their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Piper Sandler restated an "overweight" rating and issued a $27.00 target price (up previously from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. National Bankshares set a $24.00 target price on shares of Old National Bancorp in a report on Tuesday, May 20th. Jefferies Financial Group began coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price on the stock. Finally, Barclays upped their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Stock Performance

ONB traded down $0.30 on Monday, hitting $22.36. The company's stock had a trading volume of 592,147 shares, compared to its average volume of 3,160,837. The company's 50 day simple moving average is $22.12 and its 200-day simple moving average is $21.30. The firm has a market cap of $8.76 billion, a P/E ratio of 13.29 and a beta of 0.89. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, topping the consensus estimate of $0.51 by $0.02. The company had revenue of $633.41 million during the quarter, compared to the consensus estimate of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. During the same period last year, the firm earned $0.46 EPS. Analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.5%. Old National Bancorp's dividend payout ratio (DPR) is 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.