FJ Capital Management LLC Lowers Stock Holdings in Old National Bancorp $ONB

FJ Capital Management LLC trimmed its stake in Old National Bancorp (NASDAQ:ONB) by 7.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 717,018 shares of the bank’s stock after selling 60,208 shares during the period. Old National Bancorp makes up about 1.8% of FJ Capital Management LLC’s investment portfolio, making the stock its 18th biggest position. FJ Capital Management LLC’s holdings in Old National Bancorp were worth $15,997,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ONB. Vanguard Group Inc. boosted its position in Old National Bancorp by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock valued at $808,047,000 after buying an additional 3,379,577 shares during the period. Norges Bank purchased a new stake in Old National Bancorp in the 4th quarter valued at about $72,661,000. Morgan Stanley boosted its position in Old National Bancorp by 69.8% in the 4th quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock valued at $151,189,000 after buying an additional 2,785,474 shares during the period. First Trust Advisors LP boosted its position in Old National Bancorp by 104.6% in the 3rd quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock valued at $114,738,000 after buying an additional 2,672,319 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Old National Bancorp by 65.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank’s stock valued at $110,572,000 after buying an additional 1,966,958 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Trading Up 1.8%

NASDAQ:ONB opened at $25.14 on Friday. Old National Bancorp has a one year low of $19.39 and a one year high of $26.17. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $9.71 billion, a P/E ratio of 12.96 and a beta of 0.84. The firm has a 50-day simple moving average of $23.74 and a 200-day simple moving average of $23.33.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The business had revenue of $702.70 million during the quarter, compared to analyst estimates of $706.62 million. During the same quarter in the previous year, the business posted $0.45 EPS. The company’s quarterly revenue was up 44.4% compared to the same quarter last year. Equities analysts anticipate that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, June 5th will be paid a dividend of $0.145 per share. 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 payout ratio is 29.90%.

Wall Street Analysts Forecast Growth

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