Elevation Point Wealth Partners LLC Buys New Position in Old National Bancorp $ONB

Elevation Point Wealth Partners LLC acquired a new position in shares of Old National Bancorp (NASDAQ:ONB) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,293 shares of the bank’s stock, valued at approximately $692,000.

A number of other hedge funds have also bought and sold shares of ONB. Carlson Capital L.P. increased its stake in shares of Old National Bancorp by 1.1% in the 4th quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock valued at $848,000 after acquiring an additional 400 shares in the last quarter. Glenmede Investment Management LP increased its stake in Old National Bancorp by 1.0% in the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock valued at $1,362,000 after purchasing an additional 625 shares in the last quarter. Teza Capital Management LLC raised its holdings in shares of Old National Bancorp by 6.8% during the second quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock valued at $235,000 after purchasing an additional 702 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of Old National Bancorp by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 16,863 shares of the bank’s stock worth $376,000 after purchasing an additional 703 shares in the last quarter. Finally, HB Wealth Management LLC boosted its position in shares of Old National Bancorp by 5.9% during the 4th quarter. HB Wealth Management LLC now owns 13,147 shares of the bank’s stock worth $293,000 after purchasing an additional 730 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Stephens boosted their price objective on Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Jefferies Financial Group increased their target price on Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. UBS Group began coverage on shares of Old National Bancorp in a research note on Tuesday. They set a “buy” rating and a $32.00 price target for the company. Keefe, Bruyette & Woods upped their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.55.

Old National Bancorp Stock Down 0.1%

Old National Bancorp stock opened at $26.43 on Wednesday. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $26.70. The firm has a 50 day moving average price of $24.50 and a 200-day moving average price of $23.72. The company has a market capitalization of $10.21 billion, a P/E ratio of 13.62 and a beta of 0.83. 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 issued its earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $702.70 million for the quarter, compared to analyst estimates of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The business’s revenue was up 44.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share. As a group, equities analysts predict that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 29.90%.

Old National Bancorp Company 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.