Rhino Investment Partners Inc Invests $6.46 Million in Old National Bancorp $ONB

Key Points

• Rhino Investment Partners acquired 292,145 shares of Old National Bancorp worth approximately $6.46 million, representing about 1.8% of its portfolio and 0.08% of ONB.
• Old National reported quarterly EPS of $0.65, beating estimates of $0.63, while revenue rose 13.2% year over year to $726.86 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $29.36.
• ONB shares opened at $26.89, near their 52-week high, and the bank pays a quarterly dividend of $0.145, equivalent to a 2.2% annual yield.

Rhino Investment Partners Inc bought a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 292,145 shares of the bank's stock, valued at approximately $6,456,000. Old National Bancorp makes up approximately 1.8% of Rhino Investment Partners Inc's holdings, making the stock its 26th biggest holding. Rhino Investment Partners Inc owned approximately 0.08% of Old National Bancorp at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Quantinno Capital Management LP grew its holdings in Old National Bancorp by 200.0% during the 1st quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank's stock worth $3,387,000 after acquiring an additional 102,159 shares during the last quarter. Dickmeyer Boyce Financial Management Inc. acquired a new stake in Old National Bancorp in the 1st quarter valued at about $388,000. Sei Investments Co. raised its stake in shares of Old National Bancorp by 18.9% in the first quarter. Sei Investments Co. now owns 690,773 shares of the bank's stock worth $15,266,000 after acquiring an additional 109,709 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Old National Bancorp by 29.2% in the first quarter. Cetera Investment Advisers now owns 35,569 shares of the bank's stock worth $786,000 after acquiring an additional 8,049 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Old National Bancorp by 9.0% during the first quarter. PNC Financial Services Group Inc. now owns 16,731 shares of the bank's stock worth $370,000 after purchasing an additional 1,375 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on ONB. TD Cowen increased their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. Stephens upped their price objective on Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, April 23rd. Truist Financial increased their price objective on Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research report on Tuesday. Raymond James Financial started coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a "market perform" rating for the company. Finally, Keefe, Bruyette & Woods boosted their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a research report on Thursday, April 23rd. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.36.

Old National Bancorp Stock Up 1.8%

Old National Bancorp stock opened at $26.89 on Wednesday. The company's 50 day simple moving average is $25.26 and its 200 day simple moving average is $24.09. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.32. The firm has a market capitalization of $10.39 billion, a price-to-earnings ratio of 11.95 and a beta of 0.83. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.90.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. The firm had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 16.16%. The business's quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.53 earnings per share. As a group, sell-side analysts anticipate that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a $0.145 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. Old National Bancorp's payout ratio is 25.78%.

Old National Bancorp Profile

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

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