Elizabeth Park Capital Advisors Ltd. Increases Position in Old National Bancorp $ONB

Elizabeth Park Capital Advisors Ltd. lifted its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 17.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,114 shares of the bank’s stock after purchasing an additional 31,514 shares during the period. Old National Bancorp accounts for about 4.0% of Elizabeth Park Capital Advisors Ltd.’s portfolio, making the stock its 3rd biggest position. Elizabeth Park Capital Advisors Ltd. owned 0.06% of Old National Bancorp worth $4,389,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in Old National Bancorp in the first quarter worth approximately $32,000. USA Financial Formulas bought a new position in Old National Bancorp in the first quarter worth approximately $50,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Old National Bancorp in the first quarter worth approximately $51,000. Fifth Third Bancorp boosted its holdings in Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank’s stock worth $82,000 after acquiring an additional 695 shares in the last quarter. Finally, UMB Bank n.a. boosted its holdings in Old National Bancorp by 122.3% in the first 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 in the last quarter. Institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ONB. Royal Bank Of Canada increased their price target on Old National Bancorp from $23.00 to $24.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 23rd. Jefferies Financial Group initiated coverage on Old National Bancorp in a research note on Wednesday, May 21st. They issued a “hold” rating and a $24.00 price objective for the company. Truist Financial increased their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. National Bankshares set a $24.00 price objective on Old National Bancorp in a research note on Tuesday, May 20th. Finally, Piper Sandler reissued an “overweight” rating and issued a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.40.

Old National Bancorp Stock Performance

Shares of ONB opened at $22.76 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $8.92 billion, a price-to-earnings ratio of 13.47 and a beta of 0.86. The stock has a 50 day moving average of $21.72 and a 200 day moving average of $21.41. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.02. The company had revenue of $633.41 million during the quarter, compared to the consensus estimate of $622.83 million. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.During the same period last year, the business posted $0.46 earnings per share. As a group, sell-side analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Old National Bancorp’s dividend payout ratio is 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.