Oliver Luxxe Assets LLC Invests $2.12 Million in Old National Bancorp $ONB

Key Points

• Oliver Luxxe Assets LLC has acquired 100,127 shares of Old National Bancorp, valuing the investment at approximately $2,122,000 in the first quarter of the year.
• Multiple institutional investors have significantly increased their stakes in Old National Bancorp, with Millennium Management LLC raising its position by 10,795.2% in the last quarter.
• Old National Bancorp recently announced a quarterly dividend of $0.14 per share, reflecting an annualized dividend yield of 2.5%.

Oliver Luxxe Assets LLC acquired a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 100,127 shares of the bank's stock, valued at approximately $2,122,000.

Several other institutional investors have also modified their holdings of ONB. Mariner LLC boosted its holdings in Old National Bancorp by 0.9% in the 4th quarter. Mariner LLC now owns 57,744 shares of the bank's stock valued at $1,253,000 after purchasing an additional 509 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Old National Bancorp by 72.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 35,842 shares of the bank's stock valued at $778,000 after acquiring an additional 15,053 shares during the period. Stifel Financial Corp raised its stake in shares of Old National Bancorp by 16.9% in the 4th quarter. Stifel Financial Corp now owns 62,670 shares of the bank's stock valued at $1,360,000 after acquiring an additional 9,076 shares during the period. Pinebridge Investments L.P. increased its stake in Old National Bancorp by 42.7% during the 4th quarter. Pinebridge Investments L.P. now owns 107,701 shares of the bank's stock worth $2,338,000 after buying an additional 32,218 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in Old National Bancorp by 10.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 220,596 shares of the bank's stock worth $4,787,000 after buying an additional 21,330 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. 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 note on Tuesday, July 8th. 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 note on Friday, July 11th. 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 price objective on the stock. 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 research report on Wednesday, July 23rd. Finally, National Bankshares set a $24.00 price objective on shares of Old National Bancorp in a research report on Tuesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $26.40.

Old National Bancorp Stock Up 1.3%

Shares of NASDAQ ONB traded up $0.30 during mid-day trading on Friday, reaching $23.07. The company had a trading volume of 614,169 shares, compared to its average volume of 3,180,652. 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 firm has a 50 day simple moving average of $21.82 and a two-hundred day simple moving average of $21.41. The stock has a market cap of $9.04 billion, a P/E ratio of 13.65 and a beta of 0.86. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49.

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 analysts' consensus estimates of $0.51 by $0.02. The firm 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 last year, the firm posted $0.46 EPS. Sell-side analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) 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.