Old National Bancorp $ONB Stake Lowered 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 decreased its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 28.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,292,448 shares of the bank's stock after selling 1,326,014 shares during the quarter. Old National Bancorp makes up 2.1% of Channing Capital Management LLC's portfolio, making the stock its 21st biggest position. Channing Capital Management LLC owned 1.03% of Old National Bancorp worth $69,767,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Summit Securities Group LLC acquired a new position in shares of Old National Bancorp in the first quarter worth about $32,000. USA Financial Formulas acquired a new position in shares of Old National Bancorp in the first quarter worth about $50,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Old National Bancorp in the first quarter worth about $51,000. Fifth Third Bancorp lifted its stake in shares of Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after acquiring an additional 695 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of Old National Bancorp by 122.3% in the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock worth $84,000 after acquiring an additional 2,187 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. National Bankshares set a $24.00 price target on Old National Bancorp in a research note on Tuesday, May 20th. Barclays boosted their price target 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. Jefferies Financial Group started coverage on Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective for the company. Piper Sandler reissued an "overweight" rating and issued a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Finally, Royal Bank Of Canada boosted their price objective on Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. One 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $26.40.

Old National Bancorp Stock Up 1.4%

Old National Bancorp stock traded up $0.31 during midday trading on Tuesday, hitting $22.87. The stock had a trading volume of 1,031,033 shares, compared to its average volume of 3,185,170. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The stock has a market cap of $8.96 billion, a P/E ratio of 13.52 and a beta of 0.86. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49. The business has a fifty day moving average price of $21.67 and a 200 day moving average price of $21.40.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, beating the consensus estimate of $0.51 by $0.02. The company had revenue of $633.41 million during 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 period in the prior year, the company earned $0.46 earnings per share. Research analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently announced 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 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 dividend 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.