EJF Capital LLC Grows Stake in Old National Bancorp $ONB

EJF Capital LLC increased its position in Old National Bancorp (NASDAQ:ONB) by 28.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 152,244 shares of the bank’s stock after acquiring an additional 34,046 shares during the period. Old National Bancorp comprises about 1.9% of EJF Capital LLC’s investment portfolio, making the stock its 16th biggest holding. EJF Capital LLC’s holdings in Old National Bancorp were worth $3,342,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ONB. Norges Bank purchased a new position in Old National Bancorp in the second quarter worth about $79,396,000. Vanguard Group Inc. lifted its stake in shares of Old National Bancorp by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after purchasing an additional 3,379,577 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of Old National Bancorp by 439.7% in the second quarter. Thrivent Financial for Lutherans now owns 2,595,144 shares of the bank’s stock worth $55,380,000 after buying an additional 2,114,266 shares during the last quarter. Algebris UK Ltd. bought a new stake in Old National Bancorp during the third quarter valued at approximately $25,622,000. Finally, Qube Research & Technologies Ltd increased its holdings in Old National Bancorp by 2,938.2% during the second quarter. Qube Research & Technologies Ltd now owns 1,025,789 shares of the bank’s stock valued at $21,890,000 after buying an additional 992,026 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Down 6.2%

Shares of ONB opened at $23.10 on Friday. The firm has a market cap of $9.00 billion, a P/E ratio of 12.91 and a beta of 0.84. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.93 and a quick ratio of 0.93. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $26.17. The company has a 50 day simple moving average of $23.89 and a two-hundred day simple moving average of $22.48.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. The firm had revenue of $698.53 million during the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. During the same quarter in the prior year, the business earned $0.49 earnings per share. On average, equities analysts expect 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 disclosed a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be given a dividend of $0.145 per share. The ex-dividend date is Tuesday, May 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.5%. Old National Bancorp’s dividend payout ratio (DPR) is presently 31.28%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ONB. Citigroup lifted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday. TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and upped their price objective for the stock from $27.00 to $30.00 in a research note on Thursday, January 22nd. Royal Bank Of Canada lifted their target price on Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Thursday, January 22nd. Truist Financial boosted their price target on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, National Bank Financial set a $30.00 price target on Old National Bancorp in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.45.

Insider Activity

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total transaction of $751,500.00. Following the completion of the transaction, the insider owned 20,438 shares in the company, valued at $511,971.90. This trade represents a 59.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.87% of the company’s stock.

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.