Basswood Capital Management L.L.C. Sells 419,197 Shares of Old National Bancorp $ONB

Basswood Capital Management L.L.C. lessened its holdings in Old National Bancorp (NASDAQ:ONB) by 21.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,570,371 shares of the bank’s stock after selling 419,197 shares during the period. Old National Bancorp comprises approximately 1.4% of Basswood Capital Management L.L.C.’s holdings, making the stock its 17th biggest position. Basswood Capital Management L.L.C.’s holdings in Old National Bancorp were worth $35,035,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Comerica Bank lifted its stake in shares of Old National Bancorp by 27.8% in the 4th quarter. Comerica Bank now owns 263,057 shares of the bank’s stock worth $5,869,000 after purchasing an additional 57,152 shares during the period. Vanguard Group Inc. lifted its stake in shares of Old National Bancorp by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after purchasing an additional 3,379,577 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 worth $114,738,000 after purchasing an additional 2,672,319 shares during the period. Stieven Capital Advisors L.P. lifted its stake in shares of Old National Bancorp by 17.5% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 507,634 shares of the bank’s stock worth $11,143,000 after purchasing an additional 75,700 shares during the period. Finally, Rhumbline Advisers lifted its stake in shares of Old National Bancorp by 5.4% in the 3rd quarter. Rhumbline Advisers now owns 1,184,426 shares of the bank’s stock worth $25,998,000 after purchasing an additional 60,228 shares during the period. Institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on ONB. Citigroup raised their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Barclays raised their target price on shares of Old National Bancorp from $29.00 to $30.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods raised their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Jefferies Financial Group raised 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. Finally, Truist Financial raised their target price on shares of 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 analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.91.

Old National Bancorp Price Performance

NASDAQ ONB opened at $25.14 on Friday. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $26.17. The stock has a market cap of $9.71 billion, a price-to-earnings ratio of 12.96 and a beta of 0.84. The company’s 50 day moving average is $23.74 and its two-hundred day moving average is $23.33. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The business had revenue of $702.70 million during the quarter, compared to analyst estimates of $706.62 million. During the same period last year, the firm posted $0.45 EPS. The company’s revenue was up 44.4% on a year-over-year basis. As a group, research analysts anticipate that Old National Bancorp will post 2.58 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is 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.