Citigroup Inc. Cuts Position in Old National Bancorp $ONB

Citigroup Inc. lessened its position in Old National Bancorp (NASDAQ:ONB) by 30.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 432,256 shares of the bank’s stock after selling 187,959 shares during the quarter. Citigroup Inc. owned 0.11% of Old National Bancorp worth $9,488,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Old National Bancorp in the 2nd quarter worth about $79,396,000. Vanguard Group Inc. boosted its stake in Old National Bancorp by 10.1% in the third quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after buying an additional 3,379,577 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in Old National Bancorp by 439.7% in the second quarter. Thrivent Financial for Lutherans now owns 2,595,144 shares of the bank’s stock worth $55,380,000 after buying an additional 2,114,266 shares in the last quarter. Algebris UK Ltd. bought a new position in Old National Bancorp during the third quarter valued at approximately $25,622,000. Finally, Qube Research & Technologies Ltd grew its position in Old National Bancorp by 2,938.2% during the second quarter. Qube Research & Technologies Ltd now owns 1,025,789 shares of the bank’s stock valued at $21,890,000 after acquiring an additional 992,026 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling at Old National Bancorp

In related news, insider Nicholas J. Chulos sold 30,000 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total transaction of $751,500.00. Following the transaction, the insider owned 20,438 shares in the company, valued at $511,971.90. The trade was a 59.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ONB. Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. National Bank Financial set a $30.00 target price on shares of Old National Bancorp in a research report on Thursday, January 22nd. Royal Bank Of Canada upped their price target on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Thursday, January 22nd. TD Cowen raised Old National Bancorp from a “hold” rating to a “buy” rating and raised their price objective for the company from $27.00 to $30.00 in a research note on Thursday, January 22nd. Finally, Truist Financial boosted their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $27.45.

Old National Bancorp Trading Down 6.2%

NASDAQ ONB opened at $23.10 on Monday. The stock has a market cap of $9.00 billion, a P/E ratio of 12.91 and a beta of 0.84. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $26.17. The stock has a 50 day simple moving average of $23.89 and a two-hundred day simple moving average of $22.49. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.93 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.The company had revenue of $698.53 million during the quarter, compared to the consensus estimate of $705.62 million. During the same quarter in the prior year, the company earned $0.49 earnings per share. On average, analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be paid a dividend of $0.145 per share. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.5%. Old National Bancorp’s payout ratio is presently 31.28%.

Old National Bancorp Company 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.