Strs Ohio Takes Position in Old National Bancorp $ONB

Key Points

• Strs Ohio invested approximately $769,000 in Old National Bancorp by acquiring 36,300 shares during the first quarter.
• Old National Bancorp reported a quarterly earnings per share (EPS) of $0.53, surpassing analysts' expectations of $0.51, and had a revenue of $633.41 million.
• The company declared a quarterly dividend of $0.14 per share, translating to an annualized yield of 2.5% with a payout ratio of 33.14%.

Strs Ohio acquired a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 36,300 shares of the bank's stock, valued at approximately $769,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in Old National Bancorp in the 1st quarter valued at approximately $32,000. USA Financial Formulas bought a new position in shares of Old National Bancorp during the first quarter valued at $50,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Old National Bancorp during the first quarter valued at $51,000. Fifth Third Bancorp raised its stake in shares of Old National Bancorp by 21.9% during the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after acquiring an additional 695 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Old National Bancorp by 122.3% during the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after acquiring an additional 2,187 shares during the last quarter. Institutional investors own 83.66% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on ONB. Truist Financial raised 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 note on Friday, July 11th. 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 research note on Wednesday, July 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Finally, Barclays raised their price target 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, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.40.

Old National Bancorp Stock Up 2.9%

NASDAQ:ONB traded up $0.62 during trading hours on Tuesday, reaching $22.50. The company had a trading volume of 217,368 shares, compared to its average volume of 3,217,582. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 13.33 and a beta of 0.89. The business's 50-day simple moving average is $21.99 and its two-hundred day simple moving average is $21.28. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The firm had revenue of $633.41 million during the quarter, compared to analysts' expectations 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 company earned $0.46 earnings per share. On average, equities analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, September 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is currently 33.14%.

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.