Providence Wealth Advisors LLC Lowers Position in Old National Bancorp $ONB

Providence Wealth Advisors LLC trimmed its stake in shares of Old National Bancorp (NASDAQ:ONB) by 16.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 120,951 shares of the bank’s stock after selling 23,491 shares during the period. Old National Bancorp accounts for 1.6% of Providence Wealth Advisors LLC’s portfolio, making the stock its 17th largest holding. Providence Wealth Advisors LLC’s holdings in Old National Bancorp were worth $2,465,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of ONB. Covestor Ltd grew its position in shares of Old National Bancorp by 157.0% during the third quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after purchasing an additional 755 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in Old National Bancorp by 310.7% during the second quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank’s stock valued at $33,000 after buying an additional 1,159 shares during the last quarter. First Horizon Corp purchased a new position in Old National Bancorp during the 3rd quarter valued at approximately $39,000. Signaturefd LLC increased its stake in Old National Bancorp by 22.7% in the 2nd quarter. Signaturefd LLC now owns 3,297 shares of the bank’s stock worth $70,000 after acquiring an additional 609 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Old National Bancorp by 794.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank’s stock worth $76,000 after acquiring an additional 3,169 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ONB. UBS Group initiated coverage on shares of Old National Bancorp in a report on Monday, December 15th. They issued a “neutral” rating and a $25.00 target price for the company. National Bankshares set a $30.00 target price on shares of Old National Bancorp in a report on Thursday, January 22nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. Stephens boosted their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Thursday, January 22nd. Finally, Truist Financial upped their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 26th. One equities research 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 MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $27.27.

Old National Bancorp Price Performance

ONB stock opened at $24.43 on Friday. The stock has a market cap of $9.55 billion, a PE ratio of 13.65 and a beta of 0.84. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.77. The company has a 50-day moving average price of $22.90 and a 200 day moving average price of $22.02. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.80.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. Old National Bancorp had a net margin of 17.91% and a return on equity of 15.06%. The company had revenue of $714.50 million for the quarter, compared to analyst estimates of $705.62 million. During the same period in the prior year, the company posted $0.49 EPS. Equities research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, December 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 31.28%.

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.