Vaughan Nelson Investment Management L.P. bought a new stake in Old National Bancorp (NASDAQ:ONB – Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,502,140 shares of the bank’s stock, valued at approximately $33,197,000. Vaughan Nelson Investment Management L.P. owned approximately 0.39% of Old National Bancorp as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of ONB. Vanguard Group Inc. lifted its position in shares of 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 buying an additional 3,379,577 shares during the last quarter. Norges Bank bought a new position in Old National Bancorp in the fourth quarter valued at about $72,661,000. Morgan Stanley raised its stake in Old National Bancorp by 69.8% during the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock worth $151,189,000 after acquiring an additional 2,785,474 shares in the last quarter. First Trust Advisors LP raised its stake in Old National Bancorp by 104.6% during the third quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock worth $114,738,000 after acquiring an additional 2,672,319 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Old National Bancorp by 65.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank’s stock worth $110,572,000 after acquiring an additional 1,966,958 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the stock. Citigroup raised their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Keefe, Bruyette & Woods upped their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Stephens raised their target price on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group boosted their target price on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Wednesday, April 22nd. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $27.91.
Old National Bancorp Stock Performance
NASDAQ:ONB opened at $25.01 on Tuesday. The stock has a market cap of $9.66 billion, a P/E ratio of 12.89 and a beta of 0.84. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. The stock’s 50-day moving average is $24.00 and its 200-day moving average is $23.47. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $26.17.
Old National Bancorp (NASDAQ:ONB – Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The firm’s revenue was up 44.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Equities research analysts anticipate that Old National Bancorp will post 2.58 earnings per share for the current year.
Old National Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 29.90%.
About Old National Bancorp
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.
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