Equitable Trust Co. Reduces Stock Holdings in Old National Bancorp $ONB

Equitable Trust Co. reduced its stake in Old National Bancorp (NASDAQ:ONB) by 9.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 212,972 shares of the bank’s stock after selling 22,892 shares during the period. Equitable Trust Co.’s holdings in Old National Bancorp were worth $4,545,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ONB. OLD National Bancorp IN lifted its holdings in shares of Old National Bancorp by 2,525.9% in the 2nd quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank’s stock valued at $956,979,000 after purchasing an additional 43,136,619 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Old National Bancorp by 161.3% in the 1st quarter. Invesco Ltd. now owns 1,969,870 shares of the bank’s stock valued at $41,742,000 after purchasing an additional 1,216,004 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Old National Bancorp in the 1st quarter valued at about $22,463,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Old National Bancorp by 47.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,844,707 shares of the bank’s stock valued at $63,039,000 after purchasing an additional 913,831 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Old National Bancorp by 17.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 3,557,437 shares of the bank’s stock valued at $75,382,000 after purchasing an additional 520,528 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Trading Up 3.1%

Shares of ONB stock opened at $21.25 on Tuesday. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49. The stock has a market cap of $8.33 billion, a P/E ratio of 12.57 and a beta of 0.85. The business has a fifty day simple moving average of $22.00 and a 200-day simple moving average of $21.37. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share for the quarter. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.The company had revenue of $222.80 million during the quarter. On average, 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 disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, September 5th were issued a dividend of $0.14 per share. The ex-dividend date was Friday, September 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.6%. Old National Bancorp’s dividend payout ratio (DPR) is 33.14%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Cowen initiated coverage on Old National Bancorp in a report on Wednesday, September 24th. They issued a “hold” rating for the company. Barclays set a $29.00 price target on Old National Bancorp and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Old National Bancorp in a report on Wednesday, October 8th. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Finally, TD Cowen initiated coverage on Old National Bancorp in a report on Thursday, September 25th. They set a “hold” rating and a $25.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.36.

About Old National Bancorp

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.