Stieven Capital Advisors L.P. Grows Stake in Old National Bancorp (NASDAQ:ONB)

Stieven Capital Advisors L.P. lifted its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 16.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 544,334 shares of the bank's stock after purchasing an additional 76,000 shares during the period. Old National Bancorp comprises 2.2% of Stieven Capital Advisors L.P.'s investment portfolio, making the stock its 22nd biggest position. Stieven Capital Advisors L.P. owned about 0.17% of Old National Bancorp worth $11,534,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of ONB. Wellington Management Group LLP increased its stake in shares of Old National Bancorp by 923.4% during the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock worth $189,374,000 after purchasing an additional 7,872,318 shares in the last quarter. Millennium Management LLC increased its stake in shares of Old National Bancorp by 10,795.2% during the fourth 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 in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Old National Bancorp during the fourth quarter worth about $78,293,000. Norges Bank purchased a new stake in shares of Old National Bancorp during the fourth quarter worth about $76,684,000. Finally, William Blair Investment Management LLC increased its stake in shares of Old National Bancorp by 172.1% during the fourth quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank's stock worth $119,236,000 after purchasing an additional 3,474,578 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Old National Bancorp Stock Performance

Old National Bancorp stock opened at $23.16 on Friday. The firm has a 50 day simple moving average of $21.42 and a 200-day simple moving average of $21.60. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $24.49. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $7.41 billion, a price-to-earnings ratio of 13.47 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. The business had revenue of $486.87 million during the quarter, compared to analysts' expectations of $478.37 million. On average, analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.42%. Old National Bancorp's payout ratio is currently 32.56%.

Analysts Set New Price Targets

A number of analysts have recently commented on ONB shares. Citigroup cut their target price on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Royal Bank Of Canada dropped their price objective on shares of Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Barclays upped their price objective on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday. Jefferies Financial Group initiated coverage on shares of Old National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective for the company. Finally, National Bankshares set a $24.00 price objective on shares of Old National Bancorp in a research note on Tuesday, May 20th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $26.30.

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.

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