Alyeska Investment Group L.P. Lowers Stock Position in Old National Bancorp $ONB

Alyeska Investment Group L.P. decreased its holdings in Old National Bancorp (NASDAQ:ONB) by 26.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,645,141 shares of the bank’s stock after selling 961,986 shares during the quarter. Alyeska Investment Group L.P. owned 0.83% of Old National Bancorp worth $56,051,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ONB. Millennium Management LLC boosted its stake in shares of Old National Bancorp by 10,795.2% in the fourth quarter. Millennium Management LLC now owns 4,795,942 shares of the bank’s stock valued at $104,096,000 after purchasing an additional 4,751,923 shares during the period. Invesco Ltd. boosted its stake in shares of Old National Bancorp by 161.3% in the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank’s stock valued at $41,742,000 after purchasing an additional 1,216,004 shares during the period. Nuveen LLC purchased a new position in shares of Old National Bancorp in the first quarter valued at approximately $22,463,000. Zimmer Partners LP purchased a new position in shares of Old National Bancorp in the fourth quarter valued at approximately $11,938,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Old National Bancorp by 17.1% in the first 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 period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Up 0.5%

ONB stock opened at $22.77 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49. The company’s 50 day moving average is $21.97 and its two-hundred day moving average is $21.38. The stock has a market cap of $8.92 billion, a P/E ratio of 13.47 and a beta of 0.89.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. The business had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. During the same period last year, the firm posted $0.46 earnings per share. Research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is 33.14%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ONB. Royal Bank Of Canada raised 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 report on Wednesday, July 23rd. Barclays raised their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 target price (up previously from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Truist Financial raised their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Friday, July 11th. Finally, National Bankshares set a $24.00 target price on shares of Old National Bancorp in a report on Tuesday, May 20th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.40.

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.