Bayforest Capital Ltd Has $772,000 Holdings in 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 boosted its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 1,524.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ONB. Millennium Management LLC raised its holdings 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 worth $104,096,000 after purchasing an additional 4,751,923 shares during the last quarter. Invesco Ltd. raised 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 valued at $41,742,000 after acquiring an additional 1,216,004 shares during the period. Nuveen LLC acquired a new stake in shares of Old National Bancorp in the 1st quarter valued at approximately $22,463,000. Zimmer Partners LP acquired a new stake in shares of Old National Bancorp in the 4th quarter valued at approximately $11,938,000. Finally, The Manufacturers Life Insurance Company raised 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 valued at $75,382,000 after acquiring an additional 520,528 shares during the period. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ONB shares. Piper Sandler reiterated an "overweight" rating and issued a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Truist Financial increased 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 report on Friday, July 11th. Jefferies Financial Group started coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target on the stock. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a research report on Tuesday, May 20th. Finally, Barclays increased 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 report on Tuesday, July 8th. One research 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. Based on data from MarketBeat.com, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $26.40.

Old National Bancorp Stock Up 1.2%

Shares of ONB traded up $0.26 during mid-day trading on Friday, hitting $22.66. 4,396,374 shares of the company's stock were exchanged, compared to its average volume of 2,565,049. The company has a market cap of $8.88 billion, a PE ratio of 13.41 and a beta of 0.89. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49. The company has a 50-day simple moving average of $22.12 and a 200 day simple moving average of $21.33. 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 issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share 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 analysts' expectations 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 business earned $0.46 EPS. On average, research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

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