Old National Bancorp $ONB Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. lowered its stake in shares of Old National Bancorp (NASDAQ:ONB) by 26.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,904 shares of the bank’s stock after selling 22,600 shares during the period. Wesbanco Bank Inc.’s holdings in Old National Bancorp were worth $1,390,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. MAI Capital Management grew its stake in shares of Old National Bancorp by 156.8% during the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock valued at $25,000 after buying an additional 704 shares during the period. Kemnay Advisory Services Inc. purchased a new position in shares of Old National Bancorp in the 4th quarter worth $27,000. Flagship Harbor Advisors LLC purchased a new position in shares of Old National Bancorp in the 4th quarter worth $28,000. JFS Wealth Advisors LLC boosted its holdings in Old National Bancorp by 811.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock valued at $36,000 after acquiring an additional 1,428 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Old National Bancorp during the fourth quarter valued at about $36,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

Old National Bancorp stock opened at $25.88 on Friday. The firm has a market capitalization of $10.00 billion, a PE ratio of 13.34 and a beta of 0.84. Old National Bancorp has a one year low of $19.39 and a one year high of $26.17. The stock’s 50 day moving average price is $24.17 and its 200 day moving average price is $23.56. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data 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 company had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. Old National Bancorp’s revenue for the quarter was up 44.4% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. As a group, sell-side analysts expect that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis 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%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Truist Financial raised their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a 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. Stephens boosted their price objective on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Barclays increased their price objective on shares of Old National Bancorp from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Finally, Jefferies Financial Group lifted their target price on shares of Old National Bancorp from $23.00 to $25.00 and gave the company a “hold” rating in a report on Wednesday, April 22nd. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.91.

About Old National Bancorp

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.