Wesbanco Bank Inc. Raises Stock Holdings in Old National Bancorp $ONB

Key Points

• Wesbanco Bank Inc. increased its stake in Old National Bancorp by 62.9% in Q2, now owning 85,504 shares valued at approximately $1.83 million.
• Old National Bancorp reported Q2 earnings of $0.53 EPS, exceeding analysts' expectations, alongside a revenue of $633.41 million.
• The company announced a quarterly dividend of $0.14 per share, with an annualized yield of 2.5%, to be paid on September 15th.

Wesbanco Bank Inc. increased its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 62.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,504 shares of the bank's stock after purchasing an additional 33,000 shares during the quarter. Wesbanco Bank Inc.'s holdings in Old National Bancorp were worth $1,825,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ONB. Strs Ohio purchased a new stake in shares of Old National Bancorp during the first quarter worth about $769,000. Mendon Capital Advisors Corp acquired a new stake in Old National Bancorp during the first quarter worth approximately $1,589,000. Intech Investment Management LLC grew its stake in Old National Bancorp by 31.2% in the 1st quarter. Intech Investment Management LLC now owns 206,655 shares of the bank's stock worth $4,379,000 after acquiring an additional 49,110 shares during the period. Bayforest Capital Ltd raised its holdings in Old National Bancorp by 1,524.7% in the 1st quarter. Bayforest Capital Ltd now owns 36,426 shares of the bank's stock valued at $772,000 after acquiring an additional 34,184 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Old National Bancorp by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank's stock valued at $19,349,000 after acquiring an additional 64,110 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB opened at $22.66 on Monday. The business's 50-day simple moving average is $22.12 and its 200 day simple moving average is $21.30. The company has a market cap of $8.88 billion, a P/E ratio of 13.41 and a beta of 0.89. 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 one year low of $16.83 and a one year high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) 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 analyst estimates of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. During the same quarter last year, the firm posted $0.46 earnings per share. On average, sell-side analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Old National Bancorp's dividend payout ratio is presently 33.14%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ONB. Barclays upped their target price on Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Truist Financial upped their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Royal Bank Of Canada raised their target price on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 23rd. Jefferies Financial Group initiated 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. Finally, Piper Sandler reiterated an "overweight" rating and issued a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.

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