Brown Advisory Inc. Sells 160,161 Shares of Old National Bancorp $ONB

Brown Advisory Inc. reduced its stake in shares of Old National Bancorp (NASDAQ:ONB) by 5.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,610,746 shares of the bank’s stock after selling 160,161 shares during the quarter. Brown Advisory Inc.’s holdings in Old National Bancorp were worth $55,713,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ONB. OLD National Bancorp IN boosted its stake in Old National Bancorp by 2,525.9% during the 2nd quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank’s stock worth $956,979,000 after acquiring an additional 43,136,619 shares during the last quarter. Norges Bank acquired a new stake in Old National Bancorp in the second quarter worth $79,396,000. Invesco Ltd. boosted its position in shares of Old National Bancorp by 161.3% during the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank’s stock worth $41,742,000 after purchasing an additional 1,216,004 shares in the last quarter. Nuveen LLC acquired a new position in shares of Old National Bancorp in the 1st quarter valued at $22,463,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Old National Bancorp by 47.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,844,707 shares of the bank’s stock valued at $63,039,000 after buying an additional 913,831 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ONB has been the topic of several recent analyst reports. Truist Financial reduced their target price on Old National Bancorp from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, October 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Old National Bancorp in a research report on Wednesday, October 8th. Cowen reiterated a “hold” rating on shares of Old National Bancorp in a report on Monday, October 27th. Barclays set a $29.00 target price on Old National Bancorp and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 price target (down previously from $27.00) on shares of Old National Bancorp in a research note on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.10.

Old National Bancorp Stock Down 0.5%

ONB stock opened at $22.30 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $8.71 billion, a P/E ratio of 13.04 and a beta of 0.84. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49. The business has a 50-day moving average of $21.12 and a 200-day moving average of $21.52.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. Old National Bancorp had a return on equity of 10.42% and a net margin of 17.39%.The firm had revenue of $222.80 million for the quarter. On average, sell-side analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, December 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, December 5th. Old National Bancorp’s payout ratio is currently 32.75%.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.