Vanguard Group Inc. Sells 658,167 Shares of Old National Bancorp $ONB

Vanguard Group Inc. lessened its stake in shares of Old National Bancorp (NASDAQ:ONB) by 1.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 36,154,899 shares of the bank’s stock after selling 658,167 shares during the period. Vanguard Group Inc. owned 0.09% of Old National Bancorp worth $806,616,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Rothschild Investment LLC raised its holdings in Old National Bancorp by 72.3% during the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock worth $28,000 after acquiring an additional 535 shares in the last quarter. Glenmede Investment Management LP raised its holdings in Old National Bancorp by 1.0% during the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock worth $1,362,000 after acquiring an additional 625 shares in the last quarter. Connable Office Inc. raised its holdings in Old National Bancorp by 2.9% during the third quarter. Connable Office Inc. now owns 22,191 shares of the bank’s stock worth $487,000 after acquiring an additional 635 shares in the last quarter. Quantum Portfolio Management LLC raised its holdings in Old National Bancorp by 4.5% during the third quarter. Quantum Portfolio Management LLC now owns 16,058 shares of the bank’s stock worth $352,000 after acquiring an additional 690 shares in the last quarter. Finally, Teza Capital Management LLC raised its holdings in Old National Bancorp by 6.8% during the second quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock worth $235,000 after acquiring an additional 702 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Insider Activity at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total value of $751,500.00. Following the transaction, the insider owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. This represents a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.72% of the company’s stock.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $24.07 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. The stock’s 50 day moving average price is $22.87 and its two-hundred day moving average price is $22.64. The firm has a market capitalization of $9.30 billion, a price-to-earnings ratio of 12.41 and a beta of 0.85. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $26.17.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm 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 business’s revenue for the quarter was up 44.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 earnings per share. On average, analysts anticipate that Old National Bancorp will post 2.58 earnings per share for the current year.

Old National Bancorp Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently issued reports on ONB. Truist Financial upped their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. UBS Group reiterated a “neutral” rating and set a $26.00 target price on shares of Old National Bancorp in a report on Wednesday, February 4th. Barclays upped their price objective on Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th. TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and upped their price objective for the company from $27.00 to $30.00 in a research note on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods upped their price objective 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. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $27.91.

Old National Bancorp 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.