Elevation Point Wealth Partners LLC Lowers Stock Holdings in Old National Bancorp (NASDAQ:ONB)

Elevation Point Wealth Partners LLC trimmed its stake in Old National Bancorp (NASDAQ:ONB) by 18.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,900 shares of the bank’s stock after selling 4,000 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Old National Bancorp were worth $379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Old National Bancorp by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank’s stock worth $736,261,000 after purchasing an additional 290,005 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Old National Bancorp by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank’s stock worth $371,294,000 after purchasing an additional 132,002 shares during the period. Wellington Management Group LLP lifted its position in shares of Old National Bancorp by 923.4% in the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after purchasing an additional 7,872,318 shares during the period. Victory Capital Management Inc. lifted its position in shares of Old National Bancorp by 4.5% in the 4th quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank’s stock worth $163,899,000 after purchasing an additional 326,135 shares during the period. Finally, William Blair Investment Management LLC lifted its position in shares of Old National Bancorp by 172.1% in the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock worth $119,236,000 after purchasing an additional 3,474,578 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ONB shares. Barclays lowered their price target on shares of Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Wall Street Zen raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, April 23rd. Raymond James decreased their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 2nd. Stephens reissued an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Monday, April 14th. Finally, National Bankshares set a $24.00 target price on shares of Old National Bancorp in a research report on Tuesday, May 20th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $25.90.

Old National Bancorp Trading Up 1.1%

Shares of Old National Bancorp stock opened at $20.64 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. Old National Bancorp has a 12-month low of $15.60 and a 12-month high of $24.49. The firm has a market capitalization of $6.60 billion, a price-to-earnings ratio of 12.29 and a beta of 0.86. The firm’s 50 day simple moving average is $20.77 and its two-hundred day simple moving average is $21.70.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. The business had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. Analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Thursday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.71%. Old National Bancorp’s payout ratio is 32.56%.

Old National Bancorp Company Profile

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.