Bayforest Capital Ltd Acquires 34,184 Shares of Old National Bancorp $ONB

Key Points

• Bayforest Capital Ltd significantly increased its position in Old National Bancorp by 1,524.7%, acquiring an additional 34,184 shares during the 1st quarter, bringing its total holdings to 36,426 shares valued at approximately $772,000.
• Old National Bancorp reported earnings of $0.53 EPS for the most recent quarter, exceeding analyst estimates, with revenue of $633.41 million, above expectations of $622.83 million.
• The company announced a quarterly dividend of $0.14 per share, yielding 2.4%, with a payout ratio of 33.14% for the announced dividends.

Bayforest Capital Ltd raised its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 1,524.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,426 shares of the bank's stock after purchasing an additional 34,184 shares during the quarter. Bayforest Capital Ltd's holdings in Old National Bancorp were worth $772,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ONB. Millennium Management LLC increased its position in Old National Bancorp by 10,795.2% during the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock valued at $104,096,000 after purchasing an additional 4,751,923 shares during the period. Invesco Ltd. grew its position in shares of Old National Bancorp by 161.3% in the 1st quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after buying an additional 1,216,004 shares during the period. Nuveen LLC purchased a new stake in shares of Old National Bancorp in the 1st quarter worth about $22,463,000. Zimmer Partners LP purchased a new stake in shares of Old National Bancorp in the 4th quarter worth about $11,938,000. Finally, The Manufacturers Life Insurance Company grew its position 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 buying an additional 520,528 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Up 1.2%

ONB stock traded up $0.26 during trading on Friday, hitting $22.66. 4,396,374 shares of the stock traded hands, compared to its average volume of 2,565,049. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The firm's 50 day moving average is $22.12 and its two-hundred day moving average is $21.31. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of 13.41 and a beta of 0.89. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced 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. The company had revenue of $633.41 million for 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 in the prior year, the firm posted $0.46 EPS. On average, sell-side analysts anticipate 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. Shareholders 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 currently 33.14%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ONB shares. 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 research report on Tuesday, July 8th. 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. 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 research report on Friday, July 11th. Royal Bank Of Canada upped their target price on shares of 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. Finally, Jefferies Financial Group assumed coverage on shares of 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. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $26.40.

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.