USA Financial Formulas Purchases Shares of 2,359 Old National Bancorp (NASDAQ:ONB)

USA Financial Formulas purchased a new stake in shares of Old National Bancorp (NASDAQ:ONB) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,359 shares of the bank’s stock, valued at approximately $50,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ONB. Lee Danner & Bass Inc. purchased a new position in shares of Old National Bancorp during the 4th quarter worth approximately $25,000. Empowered Funds LLC purchased a new position in shares of Old National Bancorp during the 4th quarter worth approximately $28,000. Bank of Jackson Hole Trust purchased a new position in shares of Old National Bancorp during the 4th quarter worth approximately $65,000. Allworth Financial LP grew its holdings in shares of Old National Bancorp by 150.5% during the 4th quarter. Allworth Financial LP now owns 3,507 shares of the bank’s stock worth $82,000 after acquiring an additional 2,107 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of Old National Bancorp by 122.3% during the 1st quarter. UMB Bank n.a. now owns 3,975 shares of the bank’s stock worth $84,000 after acquiring an additional 2,187 shares during the period. Institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ONB shares. National Bankshares set a $24.00 price target on Old National Bancorp in a research note on Tuesday, May 20th. Raymond James cut their price target on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, April 2nd. Stephens restated an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Monday, April 14th. Barclays cut their price target on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Royal Bank of Canada cut their target price on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.90.

Old National Bancorp Price Performance

NASDAQ ONB opened at $21.17 on Thursday. The business’s fifty day moving average price is $20.61 and its 200-day moving average price is $21.77. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 12.60 and a beta of 0.86. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. Old National Bancorp has a 1-year low of $15.60 and a 1-year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. The firm had revenue of $486.87 million for the quarter, compared to analysts’ expectations of $478.37 million. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. On average, equities analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.65%. Old National Bancorp’s payout ratio is 32.56%.

Old National Bancorp Company 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.