Raymond James Financial Inc. Cuts Stake in Old National Bancorp $ONB

Key Points

• Raymond James Financial Inc. has reduced its stake in Old National Bancorp by 11.9%, selling 107,605 shares to own a total of 800,394 shares valued at approximately $16.96 million.
• Old National Bancorp has recently announced a quarterly dividend of $0.14 per share, yielding 2.4%, with a payout ratio of 33.14%.
• Equities analysts have set a consensus target price of $26.40 for Old National Bancorp, with most analysts rating the stock as a "Moderate Buy."

Raymond James Financial Inc. trimmed its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 11.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 800,394 shares of the bank's stock after selling 107,605 shares during the period. Raymond James Financial Inc. owned 0.25% of Old National Bancorp worth $16,961,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of ONB. Stifel Financial Corp grew its stake in shares of Old National Bancorp by 16.9% during the 4th quarter. Stifel Financial Corp now owns 62,670 shares of the bank's stock worth $1,360,000 after acquiring an additional 9,076 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Old National Bancorp by 10.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 220,596 shares of the bank's stock worth $4,787,000 after purchasing an additional 21,330 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Old National Bancorp by 155.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,036,909 shares of the bank's stock valued at $65,916,000 after purchasing an additional 1,850,249 shares during the period. Northern Trust Corp raised its holdings in Old National Bancorp by 17.6% during the 4th quarter. Northern Trust Corp now owns 4,277,530 shares of the bank's stock valued at $92,844,000 after acquiring an additional 641,055 shares during the period. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Old National Bancorp during the fourth quarter worth $576,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

Old National Bancorp stock traded up $0.12 during mid-day trading on Monday, hitting $22.89. 2,642,157 shares of the company traded hands, compared to its average volume of 2,571,754. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The stock has a market cap of $8.97 billion, a price-to-earnings ratio of 13.54 and a beta of 0.89. The stock has a fifty day moving average price of $21.87 and a 200-day moving average price of $21.37.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The firm had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, equities analysts predict 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 declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. Old National Bancorp's dividend payout ratio (DPR) is presently 33.14%.

Wall Street Analysts Forecast Growth

ONB has been the topic of a number of analyst reports. Barclays boosted their price objective on Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. Jefferies Financial Group began 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 for the company. Royal Bank Of Canada raised their price target on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. Finally, Truist Financial boosted 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. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Old National Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.40.

Old National Bancorp 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.