Vaughan Nelson Investment Management L.P. Invests $33.20 Million in Old National Bancorp $ONB

Vaughan Nelson Investment Management L.P. bought a new position in shares of Old National Bancorp (NASDAQ:ONB) in the first quarter, Holdings Channel.com reports. The fund bought 1,502,140 shares of the bank’s stock, valued at approximately $33,197,000.

A number of other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Old National Bancorp by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after acquiring an additional 3,379,577 shares during the period. Norges Bank bought a new position in shares of Old National Bancorp in the 4th quarter worth about $72,661,000. Morgan Stanley lifted its stake in shares of Old National Bancorp by 69.8% in the 4th quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock valued at $151,189,000 after purchasing an additional 2,785,474 shares during the period. First Trust Advisors LP lifted its stake in shares of Old National Bancorp by 104.6% in the 3rd quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock valued at $114,738,000 after purchasing an additional 2,672,319 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Old National Bancorp by 65.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank’s stock valued at $110,572,000 after purchasing an additional 1,966,958 shares during the period. Institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ONB. Citigroup raised their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Truist Financial boosted their price target on Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Barclays raised their price objective on shares of Old National Bancorp from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Finally, Jefferies Financial Group lifted their price objective on shares of Old National Bancorp from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.91.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $25.01 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $26.17. The stock’s 50 day moving average is $24.00 and its 200-day moving average is $23.47. The firm has a market capitalization of $9.66 billion, a price-to-earnings ratio of 12.89 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The company had revenue of $702.70 million for the quarter, compared to analysts’ expectations of $706.62 million. During the same period last year, the business earned $0.45 EPS. Old National Bancorp’s quarterly revenue was up 44.4% compared to the same quarter last year. Sell-side analysts forecast that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 29.90%.

Old National Bancorp Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.