Victory Capital Management Inc. Sells 228,154 Shares of Old National Bancorp (NASDAQ:ONB)

Victory Capital Management Inc. cut its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 3.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,323,074 shares of the bank's stock after selling 228,154 shares during the period. Victory Capital Management Inc. owned 2.29% of Old National Bancorp worth $155,176,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in Old National Bancorp by 923.4% during the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock valued at $189,374,000 after buying an additional 7,872,318 shares in the last quarter. Millennium Management LLC boosted its position in shares of Old National Bancorp by 10,795.2% in the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock valued at $104,096,000 after purchasing an additional 4,751,923 shares during the period. Alyeska Investment Group L.P. acquired a new position in shares of Old National Bancorp in the 4th quarter valued at $78,293,000. Norges Bank acquired a new position in shares of Old National Bancorp in the 4th quarter valued at $76,684,000. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Old National Bancorp in the 4th quarter valued at $42,316,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

ONB stock traded down $0.04 during midday trading on Friday, reaching $22.88. 5,354,393 shares of the stock were exchanged, compared to its average volume of 2,806,527. The stock has a market capitalization of $7.32 billion, a PE ratio of 13.30 and a beta of 0.85. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.92 and a quick ratio of 0.92. The company has a fifty day moving average price of $21.58 and a 200 day moving average price of $21.64.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.03. The business had revenue of $486.87 million during the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a return on equity of 9.98% and a net margin of 18.74%. As a group, analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were given a $0.14 dividend. The ex-dividend date was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.45%. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in 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. Jefferies Financial Group began coverage on Old National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $24.00 price target for the company. Royal Bank Of Canada cut their price target on Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Raymond James Financial cut their price target on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 2nd. Finally, Truist Financial raised their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Three investment 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 company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $26.30.

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.