Elevation Point Wealth Partners LLC Makes New $692,000 Investment in Old National Bancorp $ONB

Elevation Point Wealth Partners LLC purchased a new position in Old National Bancorp (NASDAQ:ONB) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 31,293 shares of the bank’s stock, valued at approximately $692,000.

Several other institutional investors have also added to or reduced their stakes in ONB. Kemnay Advisory Services Inc. bought a new stake in shares of Old National Bancorp in the 4th quarter valued at about $27,000. Flagship Harbor Advisors LLC bought a new stake in Old National Bancorp in the fourth quarter valued at approximately $28,000. JFS Wealth Advisors LLC boosted its stake in shares of Old National Bancorp by 811.4% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,428 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of Old National Bancorp during the fourth quarter valued at approximately $36,000. Finally, Peterson Wealth Services grew its holdings in shares of Old National Bancorp by 9,711.8% in the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $37,000 after purchasing an additional 1,651 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ONB shares. UBS Group initiated coverage on shares of Old National Bancorp in a research report on Tuesday. They set a “buy” rating and a $32.00 price target for the company. Barclays upped their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday. Jefferies Financial Group increased their target price on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Raymond James Financial started coverage on Old National Bancorp in a research note on Tuesday. They issued a “market perform” rating on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.55.

Old National Bancorp Price Performance

Shares of ONB opened at $26.43 on Wednesday. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $26.70. The firm’s 50-day simple moving average is $24.50 and its two-hundred day simple moving average is $23.72. The stock has a market cap of $10.21 billion, a PE ratio of 13.62 and a beta of 0.83. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly 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 return on equity of 11.23% and a net margin of 18.90%.The company’s revenue was up 44.4% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. Analysts anticipate that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors 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 yield of 2.2%. Old National Bancorp’s dividend payout ratio is 29.90%.

Old National Bancorp Company 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.