UBS Group AG Lowers Holdings in Old National Bancorp $ONB

Key Points

• UBS Group AG cut its stake in Old National Bancorp by 20.7% in the fourth quarter, selling nearly 399,000 shares and leaving it with 1.53 million shares worth about $34.2 million.
• Wall Street sentiment remains constructive: analysts have set an average price target of $27.91 and rate the stock a Moderate Buy, with several firms recently lifting targets and recommendations.
• Old National Bancorp reported better-than-expected quarterly EPS of $0.61 and announced a quarterly dividend of $0.145 per share, implying a 2.4% annualized yield.

UBS Group AG trimmed its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 20.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,531,439 shares of the bank's stock after selling 398,897 shares during the quarter. UBS Group AG owned 0.39% of Old National Bancorp worth $34,166,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ONB. Royal Bank of Canada lifted its holdings in shares of Old National Bancorp by 2.0% in the 1st quarter. Royal Bank of Canada now owns 214,065 shares of the bank's stock worth $4,536,000 after buying an additional 4,153 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Old National Bancorp by 87.8% in the 1st quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank's stock worth $269,000 after buying an additional 5,936 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Old National Bancorp by 8.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank's stock worth $60,263,000 after buying an additional 215,203 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Old National Bancorp by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank's stock worth $19,349,000 after buying an additional 64,110 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Old National Bancorp by 6.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank's stock worth $1,149,000 after buying an additional 3,091 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONB has been the subject of a number of analyst reports. Truist Financial upped their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock a "buy" rating in a research note on Thursday, April 23rd. Jefferies Financial Group upped their price objective on Old National Bancorp from $23.00 to $25.00 and gave the stock a "hold" rating in a research note on Wednesday, April 22nd. Keefe, Bruyette & Woods upped their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a research note on Thursday, April 23rd. Citigroup upped their price objective on Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Finally, TD Cowen upgraded Old National Bancorp from a "hold" rating to a "buy" rating and upped their price objective for the stock from $27.00 to $30.00 in a research note on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Old National Bancorp presently has an average rating of "Moderate Buy" and an average price target of $27.91.

Old National Bancorp Trading Up 0.5%

Shares of NASDAQ ONB opened at $24.30 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a market capitalization of $9.39 billion, a P/E ratio of 12.53 and a beta of 0.85. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $26.17. The business has a fifty day moving average price of $22.86 and a 200 day moving average price of $22.73.

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

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be paid a dividend of $0.145 per share. The ex-dividend date is Tuesday, May 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.4%. Old National Bancorp's payout ratio is presently 29.90%.

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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