US Bancorp DE Decreases Position in 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 trimmed its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,341 shares of the bank's stock after selling 14,939 shares during the period. US Bancorp DE's holdings in Old National Bancorp were worth $1,215,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. USA Financial Formulas purchased a new position in shares of Old National Bancorp during the 1st quarter valued at approximately $50,000. Fifth Third Bancorp increased its holdings in Old National Bancorp by 21.9% in the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after acquiring an additional 695 shares in the last quarter. UMB Bank n.a. raised its position in Old National Bancorp by 122.3% during the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock worth $84,000 after acquiring an additional 2,187 shares during the period. Versant Capital Management Inc grew its position in shares of Old National Bancorp by 157.7% in the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank's stock valued at $91,000 after purchasing an additional 2,630 shares during the period. Finally, Covestor Ltd increased its stake in shares of Old National Bancorp by 13.6% during the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank's stock worth $95,000 after purchasing an additional 524 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Stock Down 0.8%

NASDAQ:ONB traded down $0.17 during midday trading on Monday, reaching $20.57. The company had a trading volume of 1,892,240 shares, compared to its average volume of 3,240,960. The stock's fifty day simple moving average is $21.52 and its 200-day simple moving average is $21.56. 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 12-month low of $16.83 and a 12-month high of $24.49. The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of 12.17 and a beta of 0.86.

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, beating analysts' consensus estimates of $0.51 by $0.02. The company 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 last year, the firm earned $0.46 earnings per share. On average, sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.7%. Old National Bancorp's dividend payout ratio is 33.14%.

Analyst Upgrades and Downgrades

ONB has been the subject of several research reports. Wall Street Zen upgraded Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. Citigroup dropped their target price on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Truist Financial boosted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Jefferies Financial Group initiated coverage on 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. Finally, Barclays boosted their price target on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Old National Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $26.40.

About Old National Bancorp

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.