Old National Bancorp $ONB Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 1.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,512,346 shares of the bank’s stock after selling 40,961 shares during the quarter. Bank of New York Mellon Corp owned about 0.91% of Old National Bancorp worth $77,623,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new position in Old National Bancorp during the 4th quarter valued at about $27,000. Flagship Harbor Advisors LLC acquired a new position in shares of Old National Bancorp in the fourth quarter valued at approximately $28,000. Los Angeles Capital Management LLC acquired a new position in shares of Old National Bancorp in the fourth quarter valued at approximately $36,000. JFS Wealth Advisors LLC increased its stake in Old National Bancorp by 811.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock worth $36,000 after buying an additional 1,428 shares during the period. Finally, Peterson Wealth Services increased its stake in Old National Bancorp by 9,711.8% during the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $37,000 after buying an additional 1,651 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Stephens boosted their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods lifted their target price on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Truist Financial boosted their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. UBS Group started coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Barclays lifted their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Nine 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.55.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $26.17 on Wednesday. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $27.32. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market capitalization of $10.11 billion, a PE ratio of 13.49 and a beta of 0.83. The business’s fifty day moving average price is $24.96 and its 200 day moving average price is $23.96.

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

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were given a dividend of $0.145 per share. 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 dividend payout ratio (DPR) is 29.90%.

About Old National Bancorp

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.