Basswood Capital Management L.L.C. Cuts Stake in Old National Bancorp $ONB

Basswood Capital Management L.L.C. trimmed its position in shares of Old National Bancorp (NASDAQ:ONB) by 21.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,570,371 shares of the bank’s stock after selling 419,197 shares during the quarter. Old National Bancorp comprises about 1.4% of Basswood Capital Management L.L.C.’s holdings, making the stock its 17th biggest holding. Basswood Capital Management L.L.C. owned 0.40% of Old National Bancorp worth $35,035,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Old National Bancorp by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock valued at $808,047,000 after purchasing an additional 3,379,577 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Old National Bancorp by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 17,572,298 shares of the bank’s stock valued at $392,046,000 after purchasing an additional 67,362 shares during the last quarter. State Street Corp grew its position in Old National Bancorp by 5.6% during the 3rd quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock valued at $365,816,000 after purchasing an additional 890,309 shares during the last quarter. Geode Capital Management LLC grew its position in Old National Bancorp by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock valued at $215,958,000 after purchasing an additional 91,341 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Old National Bancorp by 37.5% during the 4th quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock valued at $160,381,000 after purchasing an additional 1,961,525 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $25.14 on Friday. The firm’s 50-day moving average price is $23.74 and its 200-day moving average price is $23.33. 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 $9.71 billion, a PE ratio of 12.96 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.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results 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. The firm had revenue of $702.70 million for the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The business’s quarterly revenue was up 44.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 EPS. As a group, analysts anticipate that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be paid a $0.145 dividend. 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 is 29.90%.

Analyst Ratings Changes

ONB has been the topic of several recent analyst reports. Truist Financial increased their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods raised their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Citigroup raised their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Finally, Stephens raised their price target 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. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.91.

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.