The Manufacturers Life Insurance Company Sells 72,501 Shares of Old National Bancorp $ONB

Key Points

• The Manufacturers Life Insurance Company cut its Old National Bancorp stake by 72,501 shares, or 1.3%, but still held 5.46 million shares worth approximately $120.7 million. Institutional investors collectively own 83.66% of ONB.
• Analysts remain broadly positive, with nine Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $29.36, above the reported trading price of $26.89.
• Old National Bancorp beat quarterly expectations, reporting $0.65 EPS versus a $0.63 estimate and $726.86 million in revenue, up 13.2% year over year. The bank also maintains a quarterly dividend of $0.145 per share, equivalent to a 2.2% annual yield.

The Manufacturers Life Insurance Company reduced its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 1.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,460,194 shares of the bank's stock after selling 72,501 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.41% of Old National Bancorp worth $120,670,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Comerica Bank raised its position in Old National Bancorp by 27.8% in the 4th quarter. Comerica Bank now owns 263,057 shares of the bank's stock valued at $5,869,000 after buying an additional 57,152 shares during the last quarter. Algebris UK Ltd. boosted its position in Old National Bancorp by 57.9% during the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank's stock worth $41,160,000 after acquiring an additional 675,873 shares during the last quarter. Ruffer LLP bought a new position in shares of Old National Bancorp during the 4th quarter worth approximately $2,871,000. Easterly Investment Partners LLC grew its stake in shares of Old National Bancorp by 27.4% during the 4th quarter. Easterly Investment Partners LLC now owns 282,948 shares of the bank's stock worth $6,313,000 after acquiring an additional 60,829 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Old National Bancorp in the fourth quarter valued at approximately $72,661,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods increased their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Raymond James Financial assumed coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a "market perform" rating on the stock. Stephens boosted their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Truist Financial increased their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, TD Cowen raised their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $29.36.

Old National Bancorp Trading Up 1.8%

NASDAQ ONB opened at $26.89 on Wednesday. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $27.32. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.89. The stock has a 50 day moving average of $25.26 and a 200-day moving average of $24.09. The company has a market cap of $10.39 billion, a PE ratio of 11.95 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 16.16%. The business had revenue of $726.86 million for the quarter, compared to the consensus estimate of $716.25 million. During the same period in the previous year, the company earned $0.53 earnings per share. The firm's revenue for the quarter was up 13.2% on a year-over-year basis. On average, equities research analysts anticipate that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were paid a dividend of $0.145 per share. The ex-dividend date was Friday, June 5th. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. Old National Bancorp's payout ratio is currently 25.78%.

Old National Bancorp Company Profile

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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