Vanguard Group Inc. Has $806.62 Million Stake in Old National Bancorp $ONB

Key Points

• Vanguard Group trimmed its Old National Bancorp (ONB) stake by 1.8% in Q4 (selling 658,167 shares) but still holds about 9.25% of the company—roughly $806.62 million in value.
• Old National declared a quarterly dividend of $0.145 (annualized $0.58) with a yield of 2.4%; the ex-dividend date is May 5 and the payment date is May 16.
• Analysts have been raising targets and the consensus rating is a "Moderate Buy" with a consensus price target of $27.91 (eight Buy ratings vs. three Hold ratings).

Vanguard Group Inc. trimmed its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 1.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,154,899 shares of the bank's stock after selling 658,167 shares during the period. Vanguard Group Inc. owned about 9.25% of Old National Bancorp worth $806,616,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ONB. First Trust Advisors LP grew its stake in Old National Bancorp by 104.6% in the third quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank's stock valued at $114,738,000 after acquiring an additional 2,672,319 shares during the period. Algebris UK Ltd. acquired a new position in Old National Bancorp in the third quarter valued at about $25,622,000. Verition Fund Management LLC grew its stake in Old National Bancorp by 51.3% in the third quarter. Verition Fund Management LLC now owns 3,156,744 shares of the bank's stock valued at $69,291,000 after acquiring an additional 1,070,282 shares during the period. SG Americas Securities LLC acquired a new position in Old National Bancorp in the fourth quarter valued at about $22,495,000. Finally, Qube Research & Technologies Ltd grew its stake in Old National Bancorp by 2,938.2% in the second quarter. Qube Research & Technologies Ltd now owns 1,025,789 shares of the bank's stock valued at $21,890,000 after acquiring an additional 992,026 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 30,000 shares of the business's stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total value of $751,500.00. Following the sale, the insider directly owned 20,438 shares in the company, valued at $511,971.90. The trade was a 59.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.72% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Royal Bank Of Canada boosted their target price on Old National Bancorp from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Thursday, January 22nd. Stephens boosted their target price on Old National Bancorp from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods boosted their target price on Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Truist Financial boosted their target price on Old National Bancorp from $27.00 to $28.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Finally, Citigroup boosted their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a report on Tuesday, February 24th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Old National Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.91.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $24.07 on Friday. The firm has a market cap of $9.30 billion, a price-to-earnings ratio of 12.41 and a beta of 0.85. The stock's 50-day moving average is $22.87 and its 200-day moving average is $22.64. Old National Bancorp has a one year low of $19.39 and a one year high of $26.17. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.89.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued 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 $702.69 million for the quarter, compared to analyst estimates of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The company's quarterly revenue was up 44.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 earnings per share. Equities analysts predict that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

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

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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