MQS Management LLC Buys Shares of 22,212 Old National Bancorp $ONB

MQS Management LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,212 shares of the bank’s stock, valued at approximately $491,000.

Several other institutional investors have also recently made changes to their positions in the company. MAI Capital Management grew its holdings in Old National Bancorp by 156.8% during the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock worth $25,000 after acquiring an additional 704 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Old National Bancorp in the 4th quarter valued at about $27,000. Flagship Harbor Advisors LLC bought a new stake in shares of Old National Bancorp in the 4th quarter valued at about $28,000. JFS Wealth Advisors LLC lifted its position in shares of Old National Bancorp by 811.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock worth $36,000 after purchasing an additional 1,428 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Old National Bancorp in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Up 0.4%

Shares of Old National Bancorp stock opened at $25.90 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. The company has a market cap of $10.01 billion, a P/E ratio of 13.35 and a beta of 0.84. The firm’s 50 day moving average price is $24.26 and its 200-day moving average price is $23.61. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $26.17.

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

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were given a dividend of $0.145 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. Old National Bancorp’s dividend payout ratio is presently 29.90%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Stephens lifted their price objective on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a report 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 increased their target price on Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Tuesday, April 7th. Keefe, Bruyette & Woods boosted their price target on Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Finally, Truist Financial upped their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.91.

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.