Mairs & Power Inc. Sells 103,000 Shares of Old National Bancorp $ONB

Mairs & Power Inc. reduced its stake in Old National Bancorp (NASDAQ:ONB) by 13.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 637,125 shares of the bank’s stock after selling 103,000 shares during the period. Mairs & Power Inc. owned 0.16% of Old National Bancorp worth $13,985,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ONB. Royal Bank of Canada grew its stake in shares of Old National Bancorp by 2.0% in the 1st quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock valued at $4,536,000 after buying an additional 4,153 shares during the period. Jones Financial Companies Lllp boosted its holdings in Old National Bancorp by 87.8% in the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock worth $269,000 after acquiring an additional 5,936 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Old National Bancorp by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock worth $60,263,000 after acquiring an additional 215,203 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Old National Bancorp by 7.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank’s stock valued at $19,349,000 after acquiring an additional 64,110 shares during the period. Finally, Savant Capital LLC grew its stake in Old National Bancorp by 26.8% in the second quarter. Savant Capital LLC now owns 20,711 shares of the bank’s stock valued at $442,000 after acquiring an additional 4,375 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Price Performance

ONB opened at $21.51 on Tuesday. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $26.17. The firm has a market capitalization of $8.38 billion, a P/E ratio of 12.02 and a beta of 0.84. The company’s 50-day moving average is $23.80 and its 200 day moving average is $22.52. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.93 and a quick ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, beating the consensus estimate of $0.59 by $0.03. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. The firm had revenue of $698.53 million during the quarter, compared to analyst estimates of $705.62 million. During the same quarter last year, the business posted $0.49 EPS. Research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, May 16th. Investors of record on Tuesday, May 5th will be given a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, May 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 32.40%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ONB shares. Truist Financial increased their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, January 26th. TD Cowen upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and boosted their price target for the company from $27.00 to $30.00 in a research note on Thursday, January 22nd. Stephens upped their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, January 22nd. Citigroup raised their price objective 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. Finally, Royal Bank Of Canada lifted their price objective on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $27.45.

Insider Buying and Selling

In related news, insider Nicholas J. Chulos sold 30,000 shares of Old National Bancorp stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total transaction of $751,500.00. Following the sale, the insider directly owned 20,438 shares in the company, valued at approximately $511,971.90. This trade represents a 59.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.87% of the company’s stock.

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.