Northwestern Mutual Wealth Management Co. Decreases Stake in Old National Bancorp $ONB

Northwestern Mutual Wealth Management Co. lessened its stake in Old National Bancorp (NASDAQ:ONB) by 40.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,903 shares of the bank’s stock after selling 4,686 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Old National Bancorp were worth $146,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. grew its position in Old National Bancorp by 1.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank’s stock worth $380,202,000 after purchasing an additional 216,188 shares during the period. Dimensional Fund Advisors LP grew its position in Old National Bancorp by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank’s stock worth $366,370,000 after purchasing an additional 183,850 shares during the period. Millennium Management LLC grew its position in 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 worth $104,096,000 after purchasing an additional 4,751,923 shares during the period. Silvercrest Asset Management Group LLC grew its position in Old National Bancorp by 7.5% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 4,261,690 shares of the bank’s stock worth $92,500,000 after purchasing an additional 297,749 shares during the period. Finally, Brown Advisory Inc. grew its position in Old National Bancorp by 1.4% in the 1st quarter. Brown Advisory Inc. now owns 2,770,907 shares of the bank’s stock worth $58,716,000 after purchasing an additional 37,803 shares during the period. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $22.82 on Friday. The stock has a market cap of $8.94 billion, a PE ratio of 13.50 and a beta of 0.89. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The firm has a fifty day moving average price of $22.03 and a 200-day moving average price of $21.37. 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) last released its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $633.41 million for the quarter, compared to analysts’ expectations of $622.83 million. During the same quarter in the previous year, the company earned $0.46 EPS. Equities analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

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

Wall Street Analyst Weigh In

ONB has been the subject of a number of research analyst reports. Truist Financial lifted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Royal Bank Of Canada lifted 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 issued a “hold” rating and a $24.00 target price for the company. Barclays lifted their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Finally, National Bankshares set a $24.00 price objective on shares of Old National Bancorp in a research report on Tuesday, May 20th. One research 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 data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus 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.