MQS Management LLC Makes New $491,000 Investment in 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 13F filing with the Securities & Exchange Commission. The fund purchased 22,212 shares of the bank’s stock, valued at approximately $491,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Comerica Bank increased its position 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 valued at $5,869,000 after acquiring an additional 57,152 shares during the period. Stieven Capital Advisors L.P. increased its holdings in shares of Old National Bancorp by 17.5% in the third quarter. Stieven Capital Advisors L.P. now owns 507,634 shares of the bank’s stock valued at $11,143,000 after purchasing an additional 75,700 shares during the period. First Trust Advisors LP raised its stake in shares of Old National Bancorp by 104.6% in the third 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 last quarter. Algebris UK Ltd. raised its stake in shares of Old National Bancorp by 57.9% in the fourth quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock worth $41,160,000 after purchasing an additional 675,873 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Old National Bancorp by 1.0% during the third quarter. Dimensional Fund Advisors LP now owns 17,504,936 shares of the bank’s stock worth $384,236,000 after purchasing an additional 180,156 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Barclays raised their price target 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. Stephens upped 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. Truist Financial upped their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Finally, Jefferies Financial Group increased their price objective 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 assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.91.

Old National Bancorp Stock Up 0.4%

Shares of ONB opened at $25.90 on Wednesday. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of 13.35 and a beta of 0.84. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $26.17. The stock’s 50-day moving average price is $24.26 and its 200-day moving average price is $23.61. 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 (NASDAQ:ONB) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $706.62 million. During the same period last year, the business earned $0.45 earnings per share. Old National Bancorp’s quarterly revenue was up 44.4% on a year-over-year basis. On average, sell-side analysts predict that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were paid 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 (DPR) is presently 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.