Northwestern Mutual Wealth Management Co. Lowers Stock Holdings in Old National Bancorp $ONB

Northwestern Mutual Wealth Management Co. decreased its position in shares of Old National Bancorp (NASDAQ:ONB) by 40.4% during the first quarter, Holdings Channel reports. The institutional investor owned 6,903 shares of the bank’s stock after selling 4,686 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Old National Bancorp were worth $146,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. AlphaQuest LLC lifted its stake in shares of Old National Bancorp by 45.3% during the 1st quarter. AlphaQuest LLC now owns 24,355 shares of the bank’s stock valued at $516,000 after buying an additional 7,591 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Old National Bancorp during the 1st quarter valued at $51,000. Fuller & Thaler Asset Management Inc. lifted its stake in Old National Bancorp by 1.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank’s stock worth $380,202,000 after purchasing an additional 216,188 shares in the last quarter. Summit Securities Group LLC purchased a new stake in Old National Bancorp in the 1st quarter worth $32,000. Finally, Dimensional Fund Advisors LP lifted its stake in Old National Bancorp by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank’s stock worth $366,370,000 after purchasing an additional 183,850 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Down 1.5%

Shares of NASDAQ ONB opened at $22.82 on Friday. The firm’s 50-day moving average price is $22.03 and its 200-day moving average price is $21.37. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $8.94 billion, a price-to-earnings ratio of 13.50 and a beta of 0.89. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.02. The firm had revenue of $633.41 million for the quarter, compared to analysts’ expectations of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. During the same period in the prior year, the company earned $0.46 EPS. On average, equities research analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Old National Bancorp’s dividend payout ratio is 33.14%.

Analysts Set New Price Targets

ONB has been the topic of several research analyst reports. Royal Bank Of Canada boosted their price target on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 23rd. Truist Financial increased their price target on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, July 11th. Barclays increased their price target on Old National Bancorp from $25.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. National Bankshares set a $24.00 price target on Old National Bancorp in a research note on Tuesday, May 20th. Finally, Jefferies Financial Group assumed coverage on Old National Bancorp in a research note on Wednesday, May 21st. They set a “hold” rating and a $24.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.40.

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.