Bayforest Capital Ltd Decreases Stock Position in Old National Bancorp $ONB

Bayforest Capital Ltd trimmed its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 38.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 22,535 shares of the bank’s stock after selling 13,891 shares during the period. Bayforest Capital Ltd’s holdings in Old National Bancorp were worth $481,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of ONB. GAMMA Investing LLC lifted its holdings in shares of Old National Bancorp by 44.0% during the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank’s stock valued at $127,000 after purchasing an additional 1,837 shares in the last quarter. SG Americas Securities LLC bought a new stake in Old National Bancorp in the 1st quarter worth about $1,013,000. Fifth Third Bancorp raised its position in Old National Bancorp by 21.9% in the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank’s stock worth $82,000 after buying an additional 695 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Old National Bancorp by 17.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 23,009 shares of the bank’s stock valued at $488,000 after acquiring an additional 3,366 shares during the period. Finally, QRG Capital Management Inc. boosted its holdings in shares of Old National Bancorp by 10.1% during the 1st quarter. QRG Capital Management Inc. now owns 35,332 shares of the bank’s stock valued at $749,000 after acquiring an additional 3,239 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

ONB has been the subject of several research reports. Cowen started coverage on shares of Old National Bancorp in a report on Wednesday, September 24th. They set a “hold” rating for the company. Royal Bank Of Canada boosted their target price on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 23rd. Piper Sandler restated an “overweight” rating and issued a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. TD Cowen started coverage on Old National Bancorp in a research report on Thursday, September 25th. They set a “hold” rating and a $25.00 price objective for the company. Finally, Truist Financial increased their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.36.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $21.71 on Wednesday. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The stock’s fifty day moving average is $22.02 and its 200 day moving average is $21.37. The stock has a market cap of $8.51 billion, a P/E ratio of 12.85 and a beta of 0.85. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share (EPS) for the quarter. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.The business had revenue of $222.80 million during the quarter. Sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were paid a dividend of $0.14 per share. The ex-dividend date was Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.6%. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.14%.

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.