Keybank National Association OH Reduces Position in Old National Bancorp $ONB

Keybank National Association OH lessened its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 16.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,618 shares of the bank’s stock after selling 7,198 shares during the period. Keybank National Association OH’s holdings in Old National Bancorp were worth $760,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in Old National Bancorp in the 1st quarter worth about $22,463,000. Fuller & Thaler Asset Management Inc. grew its stake in Old National Bancorp by 1.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank’s stock worth $380,202,000 after acquiring an additional 216,188 shares in the last quarter. Invesco Ltd. grew its stake in Old National Bancorp by 161.3% in the 1st quarter. Invesco Ltd. now owns 1,969,870 shares of the bank’s stock worth $41,742,000 after acquiring an additional 1,216,004 shares in the last quarter. Teacher Retirement System of Texas grew its stake in Old National Bancorp by 20.8% in the 1st quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank’s stock worth $1,548,000 after acquiring an additional 12,596 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its stake in Old National Bancorp by 28.4% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 475,000 shares of the bank’s stock worth $10,065,000 after acquiring an additional 105,000 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on ONB. TD Cowen increased their price objective on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “hold” rating in a research note on Monday, October 27th. Truist Financial lowered their target price on Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Piper Sandler restated an “overweight” rating and set a $26.00 target price (down previously from $27.00) on shares of Old National Bancorp in a report on Thursday, October 23rd. Barclays set a $29.00 target price on Old National Bancorp and gave the stock an “overweight” rating in a report on Wednesday, October 8th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.27.

Old National Bancorp Price Performance

Shares of ONB opened at $20.49 on Tuesday. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 11.98 and a beta of 0.85. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.85. The company has a 50 day moving average of $21.76 and a two-hundred day moving average of $21.52.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share for the quarter. The company had revenue of $222.80 million during the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 14.95%. As a group, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is 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.