Allspring Global Investments Holdings LLC Sells 32,387 Shares of Old National Bancorp $ONB

Allspring Global Investments Holdings LLC lowered its position in shares of Old National Bancorp (NASDAQ:ONB) by 1.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,569,803 shares of the bank’s stock after selling 32,387 shares during the period. Allspring Global Investments Holdings LLC owned about 0.67% of Old National Bancorp worth $57,384,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of Old National Bancorp by 2.0% in the 1st quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock valued at $4,536,000 after acquiring an additional 4,153 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of Old National Bancorp by 87.8% in the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock worth $269,000 after buying an additional 5,936 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Old National Bancorp by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock worth $60,263,000 after buying an additional 215,203 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Old National Bancorp by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank’s stock valued at $19,349,000 after purchasing an additional 64,110 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in Old National Bancorp by 6.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank’s stock worth $1,149,000 after buying an additional 3,091 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Truist Financial lifted their price objective on Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Stephens lifted their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. UBS Group initiated coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 target price on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $28.55.

Old National Bancorp Stock Down 2.0%

Shares of ONB opened at $26.75 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. The firm has a market cap of $10.34 billion, a P/E ratio of 13.79 and a beta of 0.83. The company’s 50-day moving average price is $24.87 and its 200 day moving average price is $23.90. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.32.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The firm’s revenue for the quarter was up 44.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. On average, sell-side analysts forecast that Old National Bancorp will post 2.57 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a $0.145 dividend. The ex-dividend date was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. Old National Bancorp’s payout ratio is 29.90%.

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.