Wesbanco Bank Inc. Purchases 33,000 Shares of 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. raised 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 (SEC). The institutional investor owned 85,504 shares of the bank's stock after buying 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 (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ONB. Summit Securities Group LLC acquired a new position in Old National Bancorp during the 1st quarter worth $32,000. USA Financial Formulas purchased a new position in shares of Old National Bancorp during the 1st quarter valued at $50,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Old National Bancorp during the first quarter valued at about $51,000. 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. Finally, UMB Bank n.a. grew its stake 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 acquiring an additional 2,187 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Stock Down 1.3%

NASDAQ ONB traded down $0.29 on Friday, hitting $22.27. The stock had a trading volume of 1,409,975 shares, compared to its average volume of 3,166,093. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 13.16 and a beta of 0.89. The business's fifty day moving average price is $22.04 and its 200 day moving average price is $21.29. 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 0.85, a current ratio of 0.92 and a quick ratio of 0.92.

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 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 business 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 posted $0.46 EPS. Equities research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is currently 33.14%.

Analyst Ratings Changes

Several equities research analysts recently commented on ONB shares. Piper Sandler reissued an "overweight" rating and issued a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Barclays boosted their target price on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada upped their target price on Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. Finally, Truist Financial raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Old National Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp 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.