Vanguard Group Inc. Lowers Stake in Old National Bancorp (NASDAQ:ONB)

Vanguard Group Inc. cut its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 1.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,597,340 shares of the bank's stock after selling 323,934 shares during the quarter. Vanguard Group Inc. owned about 10.51% of Old National Bancorp worth $711,928,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. USA Financial Formulas acquired a new position in Old National Bancorp during the first quarter valued at $50,000. Fifth Third Bancorp lifted its position in Old National Bancorp by 21.9% during the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after purchasing an additional 695 shares during the period. UMB Bank n.a. lifted 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 valued at $84,000 after purchasing an additional 2,187 shares during the period. Versant Capital Management Inc lifted its position in Old National Bancorp by 157.7% during 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, GAMMA Investing LLC lifted its position in Old National Bancorp by 44.0% during the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock valued at $127,000 after purchasing an additional 1,837 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

NASDAQ ONB traded down $0.22 during trading hours on Thursday, hitting $21.60. 1,983,765 shares of the company's stock traded hands, compared to its average volume of 3,316,052. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49. The company has a market capitalization of $8.46 billion, a PE ratio of 12.78 and a beta of 0.86. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.92. The firm's 50-day moving average is $21.57 and its 200-day moving average is $21.53.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The company had revenue of $633.41 million during the quarter, compared to analysts' expectations of $622.83 million. During the same quarter in the prior year, the company earned $0.46 EPS. Equities analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.6%. Old National Bancorp's dividend payout ratio is 33.14%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Piper Sandler restated an "overweight" rating and set a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Wall Street Zen upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Citigroup reduced their price target on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Finally, Jefferies Financial Group started coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price target for the company. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Old National Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $26.40.

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.