Bessemer Group Inc. Increases Holdings in Old National Bancorp $ONB

Bessemer Group Inc. boosted its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 8.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,360,733 shares of the bank’s stock after purchasing an additional 103,694 shares during the period. Bessemer Group Inc. owned about 0.43% of Old National Bancorp worth $29,038,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Summit Securities Group LLC purchased a new stake in Old National Bancorp in the first quarter worth about $32,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Old National Bancorp in the 1st quarter valued at approximately $51,000. Signaturefd LLC lifted its stake in shares of Old National Bancorp by 22.7% in the 2nd quarter. Signaturefd LLC now owns 3,297 shares of the bank’s stock valued at $70,000 after purchasing an additional 609 shares during the period. GAMMA Investing LLC grew its holdings in Old National Bancorp by 44.0% in the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank’s stock worth $127,000 after purchasing an additional 1,837 shares during the period. Finally, NorthRock Partners LLC purchased a new stake in Old National Bancorp in the second quarter worth about $205,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ONB. Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a report on Wednesday, October 8th. Cowen restated a “hold” rating on shares of Old National Bancorp in a report on Monday. Royal Bank Of Canada upped their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 23rd. TD Cowen upped their price objective on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a “hold” rating in a report on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 target price (down from $27.00) on shares of Old National Bancorp in a report on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $26.27.

Old National Bancorp Trading Down 2.0%

ONB opened at $20.38 on Wednesday. The stock has a market cap of $7.99 billion, a price-to-earnings ratio of 11.92 and a beta of 0.85. The stock’s 50 day moving average price is $21.90 and its 200-day moving average price is $21.48. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.91 and a current ratio of 0.91.

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

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, September 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.7%. Old National Bancorp’s dividend payout ratio 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.