PNC Financial Services Group Inc. Grows Position in Old National Bancorp $ONB

PNC Financial Services Group Inc. lifted its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 12.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,939 shares of the bank’s stock after buying an additional 1,063 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Old National Bancorp were worth $211,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Mariner LLC raised its position in Old National Bancorp by 0.9% in the 4th quarter. Mariner LLC now owns 57,744 shares of the bank’s stock valued at $1,253,000 after purchasing an additional 509 shares in the last quarter. Baird Financial Group Inc. grew its holdings in Old National Bancorp by 2.3% in the fourth quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank’s stock valued at $648,000 after purchasing an additional 675 shares during the last quarter. Fifth Third Bancorp grew its holdings in Old National Bancorp by 21.9% in 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 last quarter. Xponance Inc. lifted its position in shares of Old National Bancorp by 1.7% in the first quarter. Xponance Inc. now owns 45,614 shares of the bank’s stock valued at $967,000 after acquiring an additional 752 shares in the last quarter. Finally, State of Michigan Retirement System lifted its position in Old National Bancorp by 1.1% during the first quarter. State of Michigan Retirement System now owns 76,342 shares of the bank’s stock worth $1,618,000 after buying an additional 800 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on ONB. Barclays upped their price target on Old National Bancorp from $25.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Citigroup lowered their target price on Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Jefferies Financial Group began coverage on Old National Bancorp in a research report on Wednesday, May 21st. They set a “hold” rating and a $24.00 price target on the stock. Truist Financial upped their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Finally, Wall Street Zen raised Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.40.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $21.32 on Monday. The firm has a market capitalization of $8.35 billion, a P/E ratio of 12.62 and a beta of 0.86. The company’s 50 day moving average price is $21.57 and its two-hundred day moving average price is $21.49. 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 has a fifty-two week low of $16.83 and a fifty-two week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data 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 firm had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. During the same quarter in the prior year, the business earned $0.46 earnings per share. On average, equities analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is 33.14%.

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.