Truist Financial Corp Boosts Position in Old National Bancorp (NASDAQ:ONB)

Truist Financial Corp grew its stake in shares of Old National Bancorp (NASDAQ:ONB) by 6.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 232,081 shares of the bank’s stock after buying an additional 14,666 shares during the period. Truist Financial Corp owned 0.08% of Old National Bancorp worth $3,920,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parkside Financial Bank & Trust boosted its stake in Old National Bancorp by 57.2% during the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after buying an additional 949 shares during the period. Legacy Wealth Asset Management LLC purchased a new position in shares of Old National Bancorp during the fourth quarter worth about $181,000. Trust Point Inc. bought a new position in shares of Old National Bancorp in the fourth quarter worth approximately $189,000. Prime Capital Investment Advisors LLC purchased a new stake in Old National Bancorp in the fourth quarter valued at approximately $192,000. Finally, PNC Financial Services Group Inc. lifted its position in Old National Bancorp by 5.9% during the third quarter. PNC Financial Services Group Inc. now owns 15,633 shares of the bank’s stock valued at $227,000 after purchasing an additional 876 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the sale, the chief financial officer now owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ONB. Stephens lowered their price objective on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 24th. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 9th. Finally, UBS Group cut their target price on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $18.86.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $17.30 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a fifty-two week low of $11.80 and a fifty-two week high of $17.64. The business has a 50 day moving average price of $16.54 and a 200-day moving average price of $16.06. The firm has a market cap of $5.52 billion, a PE ratio of 9.35 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The business had revenue of $440.20 million for the quarter, compared to analyst estimates of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The company’s revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 EPS. Equities research analysts predict that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend was Monday, March 4th. Old National Bancorp’s payout ratio is 30.27%.

About Old National Bancorp

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.