Stieven Capital Advisors L.P. Has $12.64 Million Stake in Old National Bancorp $ONB

Key Points

• Stieven Capital Advisors boosted its Old National Bancorp stake by 11.6% in the fourth quarter, ending with 566,334 shares worth about $12.64 million. The position represents about 2.3% of the fund’s holdings.
• Old National Bancorp reported better-than-expected quarterly earnings, with EPS of $0.61 versus analyst estimates of $0.60. Revenue came in at $702.7 million, and quarterly revenue rose 44.4% from a year earlier.
• The bank declared a quarterly dividend of $0.145 per share, or $0.58 annualized, for a yield of about 2.4%. Analysts currently have a consensus rating of Moderate Buy with an average price target of $27.91.

Stieven Capital Advisors L.P. increased its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 11.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 566,334 shares of the bank's stock after acquiring an additional 58,700 shares during the period. Old National Bancorp accounts for about 2.3% of Stieven Capital Advisors L.P.'s holdings, making the stock its 18th largest position. Stieven Capital Advisors L.P. owned about 0.14% of Old National Bancorp worth $12,635,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Global Retirement Partners LLC increased its holdings in shares of Old National Bancorp by 4,231.5% during the 4th quarter. Global Retirement Partners LLC now owns 5,371 shares of the bank's stock valued at $120,000 after acquiring an additional 5,247 shares during the last quarter. Algebris UK Ltd. increased its holdings in shares of Old National Bancorp by 57.9% during the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank's stock valued at $41,160,000 after acquiring an additional 675,873 shares during the last quarter. Providence Wealth Advisors LLC increased its holdings in shares of Old National Bancorp by 8.4% during the 4th quarter. Providence Wealth Advisors LLC now owns 131,090 shares of the bank's stock valued at $3,027,000 after acquiring an additional 10,139 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Old National Bancorp by 8.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,356 shares of the bank's stock valued at $343,000 after acquiring an additional 1,150 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of Old National Bancorp by 26.9% during the 4th quarter. Handelsbanken Fonder AB now owns 101,059 shares of the bank's stock valued at $2,255,000 after acquiring an additional 21,400 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Stock Up 0.5%

Shares of Old National Bancorp stock opened at $23.94 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $26.17. The business has a fifty day simple moving average of $23.00 and a 200 day simple moving average of $22.96. The stock has a market cap of $9.25 billion, a PE ratio of 12.34 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The business had revenue of $702.70 million during the quarter, compared to analysts' expectations of $706.62 million. During the same period in the previous year, the firm earned $0.45 earnings per share. The firm's quarterly revenue was up 44.4% compared to the same quarter last year. Research analysts predict that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, June 5th. Old National Bancorp's payout ratio is presently 29.90%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays increased their price objective on Old National Bancorp from $29.00 to $30.00 and gave the company an "overweight" rating in a report on Tuesday, April 7th. UBS Group reaffirmed a "neutral" rating and issued a $26.00 target price on shares of Old National Bancorp in a report on Wednesday, February 4th. Jefferies Financial Group raised their target price on Old National Bancorp from $23.00 to $25.00 and gave the company a "hold" rating in a report on Wednesday, April 22nd. Stephens lifted 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. Finally, Citigroup lifted their price objective on Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a report on Tuesday, February 24th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $27.91.

About Old National Bancorp

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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