US Bancorp DE Sells 14,939 Shares of Old National Bancorp (NASDAQ:ONB)

Key Points

• US Bancorp DE has reduced its stake in Old National Bancorp by 20.7%, selling 14,939 shares during the first quarter.
• Old National Bancorp reported quarterly earnings of $0.53 per share, surpassing the consensus estimate of $0.51 and indicating solid performance with net margins of 17.67%.
• The company recently announced a $0.14 quarterly dividend, reflecting a 2.7% dividend yield, with plans for a total annualized dividend of $0.56.

US Bancorp DE cut its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 20.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 57,341 shares of the bank's stock after selling 14,939 shares during the quarter. US Bancorp DE's holdings in Old National Bancorp were worth $1,215,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. LPL Financial LLC lifted its stake in Old National Bancorp by 3.8% in the fourth quarter. LPL Financial LLC now owns 114,726 shares of the bank's stock valued at $2,490,000 after buying an additional 4,147 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Old National Bancorp by 10.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 12,119 shares of the bank's stock valued at $263,000 after buying an additional 1,171 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Old National Bancorp by 15.1% in the fourth quarter. Wells Fargo & Company MN now owns 267,834 shares of the bank's stock valued at $5,813,000 after buying an additional 35,121 shares during the last quarter. Federated Hermes Inc. lifted its stake in Old National Bancorp by 0.8% in the fourth quarter. Federated Hermes Inc. now owns 261,472 shares of the bank's stock valued at $5,675,000 after buying an additional 2,056 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Old National Bancorp by 9.5% during the fourth quarter. Bank of Montreal Can now owns 45,773 shares of the bank's stock worth $994,000 after purchasing an additional 3,965 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on ONB. Citigroup cut their price target 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. Royal Bank Of Canada upped their price objective on Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. Jefferies Financial Group began coverage on Old National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective on the stock. Truist Financial upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Wall Street Zen raised Old National Bancorp from a "sell" rating to a "hold" rating in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $26.40.

Old National Bancorp Stock Up 0.9%

Shares of ONB stock traded up $0.20 during trading hours on Wednesday, reaching $21.64. The company had a trading volume of 546,974 shares, compared to its average volume of 3,220,206. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49. The company has a market capitalization of $8.48 billion, a P/E ratio of 12.80 and a beta of 0.86. The stock's fifty day simple moving average is $21.52 and its 200 day simple moving average is $21.54.

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

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.