Amalgamated Bank Trims Stock Position in Old National Bancorp (NASDAQ:ONB)

Amalgamated Bank lessened its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 4.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,201 shares of the bank’s stock after selling 5,883 shares during the period. Amalgamated Bank’s holdings in Old National Bancorp were worth $2,971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in ONB. Lee Danner & Bass Inc. purchased a new position in Old National Bancorp in the fourth quarter valued at $25,000. USA Financial Formulas purchased a new position in Old National Bancorp in the first quarter valued at $50,000. Fifth Third Bancorp increased its holdings in Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank’s stock valued at $82,000 after buying an additional 695 shares in the last quarter. UMB Bank n.a. increased its holdings in Old National Bancorp by 122.3% in the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank’s stock valued at $84,000 after buying an additional 2,187 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in Old National Bancorp by 157.7% in the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank’s stock valued at $91,000 after buying an additional 2,630 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

ONB has been the subject of a number of recent analyst reports. Raymond James Financial cut their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a report on Wednesday, April 2nd. National Bankshares set a $24.00 target price on shares of Old National Bancorp in a research report on Tuesday, May 20th. Truist Financial began coverage on shares of Old National Bancorp in a research report on Tuesday, May 13th. They issued a “buy” rating and a $26.00 target price on the stock. Royal Bank Of Canada dropped their target price on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Finally, Jefferies Financial Group began coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They issued a “hold” rating and a $24.00 target price on the stock. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $25.90.

Old National Bancorp Stock Performance

ONB opened at $21.25 on Friday. The firm has a market capitalization of $6.79 billion, a PE ratio of 12.35 and a beta of 0.85. Old National Bancorp has a twelve month low of $16.50 and a twelve month high of $24.49. The firm’s 50-day moving average price is $21.20 and its 200 day moving average price is $21.55. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.82.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The firm had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. As a group, sell-side analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were given 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 2.64%. Old National Bancorp’s payout ratio is presently 32.56%.

Old National Bancorp 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.