TFC Financial Management Inc. Sells 18,660 Shares of Old National Bancorp (NASDAQ:ONB)

TFC Financial Management Inc. lowered its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 10.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 153,400 shares of the bank's stock after selling 18,660 shares during the period. Old National Bancorp accounts for about 0.5% of TFC Financial Management Inc.'s investment portfolio, making the stock its 19th largest holding. TFC Financial Management Inc.'s holdings in Old National Bancorp were worth $3,251,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Old National Bancorp by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank's stock valued at $736,261,000 after purchasing an additional 290,005 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Old National Bancorp by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank's stock worth $371,294,000 after buying an additional 132,002 shares during the period. Wellington Management Group LLP raised its stake in Old National Bancorp by 923.4% during the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock valued at $189,374,000 after purchasing an additional 7,872,318 shares during the period. Victory Capital Management Inc. boosted its position in shares of Old National Bancorp by 4.5% during the fourth quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank's stock worth $163,899,000 after acquiring an additional 326,135 shares during the last quarter. Finally, William Blair Investment Management LLC grew its position 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 valued at $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 Up 1.8%

Shares of NASDAQ:ONB opened at $21.43 on Friday. 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 $6.85 billion, a P/E ratio of 12.46 and a beta of 0.86. Old National Bancorp has a 1-year low of $16.39 and a 1-year high of $24.49. The firm has a fifty day moving average price of $21.02 and a 200 day moving average price of $21.59.

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

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.61%. The ex-dividend date was Thursday, June 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ONB. Raymond James Financial reduced their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, April 2nd. Truist Financial started coverage on shares of Old National Bancorp in a research report on Tuesday, May 13th. They set a "buy" rating and a $26.00 target price for the company. 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. Citigroup reduced their price objective on 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. Finally, Wall Street Zen upgraded Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.90.

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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