The Manufacturers Life Insurance Company Acquires 520,528 Shares of Old National Bancorp $ONB

Key Points

• The Manufacturers Life Insurance Company increased its ownership in Old National Bancorp by 17.1%, acquiring an additional 520,528 shares in Q1, bringing its total holdings to approximately 3.56 million shares valued at $75.38 million.
• Old National Bancorp recently reported a quarterly EPS of $0.53, surpassing analysts' expectations, with revenues of $633.41 million for the quarter.
• The company announced a quarterly dividend of $0.14 per share, with an annualized dividend of $0.56, resulting in a dividend yield of 2.4%.

The Manufacturers Life Insurance Company grew its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 17.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,557,437 shares of the bank's stock after acquiring an additional 520,528 shares during the period. The Manufacturers Life Insurance Company owned 1.11% of Old National Bancorp worth $75,382,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of ONB. Summit Securities Group LLC acquired a new stake in shares of Old National Bancorp in the 1st quarter valued at about $32,000. USA Financial Formulas acquired a new stake in shares of Old National Bancorp in the 1st quarter valued at about $50,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Old National Bancorp in the 1st quarter valued at about $51,000. Fifth Third Bancorp grew its stake in shares of Old National Bancorp by 21.9% in the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after buying an additional 695 shares during the period. Finally, UMB Bank n.a. grew its stake in shares of Old National Bancorp by 122.3% in the 1st quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after buying an additional 2,187 shares during the period. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Price Performance

Shares of ONB traded up $0.11 during mid-day trading on Wednesday, reaching $22.77. 2,672,270 shares of the stock traded hands, compared to its average volume of 3,189,551. The firm has a fifty day moving average price of $21.94 and a 200 day moving average price of $21.37. The company has a market cap of $8.92 billion, a price-to-earnings ratio of 13.47 and a beta of 0.89. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The business had revenue of $633.41 million during the quarter, compared to the consensus estimate of $622.83 million. During the same period in the previous year, the firm posted $0.46 earnings per share. As a group, equities research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be given a $0.14 dividend. The ex-dividend date is Friday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.5%. Old National Bancorp's dividend payout ratio (DPR) is presently 33.14%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ONB shares. Royal Bank Of Canada lifted their price target on 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 reissued an "overweight" rating and set a $27.00 target price (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Jefferies Financial Group assumed coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 target price on the stock. National Bankshares set a $24.00 target price on shares of Old National Bancorp in a research report on Tuesday, May 20th. Finally, Truist Financial lifted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $26.40.

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.