PNC Financial Services Group Inc. Acquires 3,114 Shares of Old National Bancorp $ONB

PNC Financial Services Group Inc. raised its position in Old National Bancorp (NASDAQ:ONB) by 31.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,053 shares of the bank’s stock after buying an additional 3,114 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Old National Bancorp were worth $279,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OLD National Bancorp IN boosted its position in shares of Old National Bancorp by 2,525.9% during the 2nd quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank’s stock worth $956,979,000 after acquiring an additional 43,136,619 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in Old National Bancorp by 1.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank’s stock worth $380,202,000 after purchasing an additional 216,188 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Old National Bancorp by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank’s stock valued at $366,370,000 after purchasing an additional 183,850 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake 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. Finally, Bank of New York Mellon Corp raised its holdings in shares of Old National Bancorp by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,488,836 shares of the bank’s stock worth $74,452,000 after buying an additional 93,959 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ONB has been the topic of several research analyst reports. Cowen reaffirmed a “hold” rating on shares of Old National Bancorp in a research note on Monday, October 27th. Piper Sandler restated an “overweight” rating and issued a $26.00 price target (down from $27.00) on shares of Old National Bancorp in a research note on Thursday, October 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Old National Bancorp in a research report on Wednesday, October 8th. Truist Financial dropped their price objective on shares of Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. Finally, Barclays set a $29.00 target price on shares of Old National Bancorp and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.10.

Old National Bancorp Stock Down 0.4%

Shares of NASDAQ ONB opened at $21.80 on Thursday. The company has a 50 day simple moving average of $21.14 and a 200 day simple moving average of $21.52. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.91 and a quick ratio of 0.91. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The firm has a market cap of $8.52 billion, a PE ratio of 12.75 and a beta of 0.89.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share (EPS) for the quarter. The firm had revenue of $222.80 million during the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 14.95%. On average, research analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, December 5th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 32.75%.

Old National Bancorp Profile

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.