Old National Bancorp (NASDAQ:ONB) Shares Sold by KLP Kapitalforvaltning AS

by · The Cerbat Gem

KLP Kapitalforvaltning AS reduced its position in shares of Old National Bancorp (NASDAQ:ONB – Free Report) by 4.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 62,352 shares of the bank’s stock after selling 2,700 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Old National Bancorp were worth $1,321,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. USA Financial Formulas purchased a new stake in shares of Old National Bancorp in the 1st quarter valued at approximately $50,000. Fifth Third Bancorp lifted its holdings in Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank’s stock valued at $82,000 after acquiring an additional 695 shares during the last quarter. UMB Bank n.a. grew its position in Old National Bancorp by 122.3% in the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank’s stock worth $84,000 after acquiring an additional 2,187 shares during the period. Versant Capital Management Inc increased its stake in Old National Bancorp by 157.7% during the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank’s stock worth $91,000 after acquiring an additional 2,630 shares during the last quarter. Finally, Covestor Ltd increased its stake in Old National Bancorp by 13.6% during the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank’s stock worth $95,000 after acquiring an additional 524 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ONB shares. Royal Bank Of Canada upped their price target on Old National Bancorp from $23.00 to $24.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 23rd. Wall Street Zen raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, April 23rd. Barclays increased their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Piper Sandler reissued an “overweight” rating and issued a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Finally, Truist Financial increased their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $26.40.

Read Our Latest Stock Analysis on ONB

Old National Bancorp Stock Up 0.6%

Shares of ONB opened at $21.65 on Monday. The company’s 50-day simple moving average is $21.55 and its 200-day simple moving average is $21.67. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The stock has a market capitalization of $6.92 billion, a PE ratio of 12.81 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB – Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.02. The firm had revenue of $633.41 million for the quarter, compared to the consensus estimate of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 14.61%. During the same period in the prior year, the firm earned $0.46 EPS. Analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Thursday, June 5th. Old National Bancorp’s dividend payout ratio is currently 33.14%.

Old National Bancorp Profile

(Free Report)

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.

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