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

Key Points

• Channing Capital Management LLC reduced its stake in Old National Bancorp by 28.7%, now holding approximately 3.29 million shares, making it the company's 21st largest position.
• Old National Bancorp recently reported quarterly earnings of $0.53 per share, exceeding expectations and increasing its revenue to $633.41 million.
• The company declared a quarterly dividend of $0.14 per share, representing a 2.6% dividend yield, with a payout ratio of 33.14%.

Channing Capital Management LLC lowered its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 28.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,292,448 shares of the bank's stock after selling 1,326,014 shares during the period. Old National Bancorp makes up approximately 2.1% of Channing Capital Management LLC's investment portfolio, making the stock its 21st largest holding. Channing Capital Management LLC owned 1.03% of Old National Bancorp worth $69,767,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of ONB. Summit Securities Group LLC purchased a new stake in Old National Bancorp in the 1st quarter worth approximately $32,000. USA Financial Formulas purchased a new stake in Old National Bancorp in the 1st quarter worth approximately $50,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Old National Bancorp in the 1st quarter worth approximately $51,000. Fifth Third Bancorp boosted its position in Old National Bancorp by 21.9% in the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after purchasing an additional 695 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in Old National Bancorp by 122.3% in the 1st quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock worth $84,000 after purchasing an additional 2,187 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ONB shares. Jefferies Financial Group started coverage on Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $27.00 target price (up from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. National Bankshares set a $24.00 target price on Old National Bancorp in a research note on Tuesday, May 20th. 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 note on Friday, July 11th. Finally, Barclays upped their target price on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $26.40.

Old National Bancorp Price Performance

NASDAQ ONB traded down $0.16 during mid-day trading on Monday, hitting $22.56. The stock had a trading volume of 3,090,006 shares, compared to its average volume of 3,199,256. The firm's 50 day moving average is $21.64 and its 200 day moving average is $21.41. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49. 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 stock has a market capitalization of $8.84 billion, a price-to-earnings ratio of 13.35 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, beating 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 firm had revenue of $633.41 million during the quarter, compared to the consensus estimate of $622.83 million. During the same period in the prior year, the company earned $0.46 EPS. Equities research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Old National Bancorp's dividend payout ratio is currently 33.14%.

About Old National Bancorp

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.