Hsbc Holdings PLC Boosts Holdings in Old National Bancorp $ONB

Hsbc Holdings PLC boosted its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 489.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,403 shares of the bank’s stock after acquiring an additional 60,946 shares during the quarter. Hsbc Holdings PLC’s holdings in Old National Bancorp were worth $1,619,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ONB. Oregon Public Employees Retirement Fund raised its holdings in Old National Bancorp by 2.9% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 71,136 shares of the bank’s stock valued at $1,572,000 after buying an additional 2,000 shares during the period. R Squared Ltd purchased a new position in Old National Bancorp during the first quarter worth about $220,000. DGS Capital Management LLC acquired a new stake in shares of Old National Bancorp during the first quarter valued at about $247,000. QRG Capital Management Inc. raised its stake in shares of Old National Bancorp by 14.2% in the 1st quarter. QRG Capital Management Inc. now owns 38,150 shares of the bank’s stock valued at $843,000 after acquiring an additional 4,735 shares during the period. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Old National Bancorp in the 1st quarter worth approximately $692,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $26.41 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.32. The firm has a market cap of $10.20 billion, a PE ratio of 11.74 and a beta of 0.83. The company’s 50 day moving average is $25.19 and its two-hundred day moving average is $24.06.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 16.16%. The business had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same quarter in the previous year, the firm posted $0.53 earnings per share. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. On average, research analysts expect that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a dividend of $0.145 per share. The ex-dividend date was Friday, June 5th. This represents a $0.58 annualized dividend and a yield of 2.2%. Old National Bancorp’s dividend payout ratio is 25.78%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ONB. Citigroup increased their price objective on shares of Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday. Stephens upped their price target on Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. UBS Group initiated coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price target for the company. Finally, Raymond James Financial started coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a “market perform” rating for the company. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $29.27.

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.