Envestnet Asset Management Inc. buys 58,690 shares of former National Bancorp (NASDAQ:ONB)


Envestnet Asset Management Inc. increased its stake in Old National Bancorp (NASDAQ:ONB – Get Rating) by 150.8% in Q1, according to its latest SEC filing. The fund held 97,600 shares of the bank after buying an additional 58,690 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of Old National Bancorp worth $1,599,000 at the end of the last quarter.

A number of other institutional investors have also recently changed their positions in the stock. American Century Companies Inc. increased its stake in Old National Bancorp by 20.2% during the fourth quarter. American Century Companies Inc. now owns 6,087,254 shares of the bank valued at $110,301,000 after purchasing an additional 1,023,322 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Old National Bancorp by 46,921.9% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,228,052 shares of the bank valued at $58,493,000 after acquiring 3,221,187 additional shares last quarter. Geode Capital Management LLC increased its holdings in Old National Bancorp by 6.2% in the fourth quarter. Geode Capital Management LLC now owns 2,882,757 shares of the bank valued at $52,235,000 after acquiring an additional 168,578 shares last quarter. JPMorgan Chase & Co. increased its position in Old National Bancorp by 104.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,830,636 shares of the bank valued at $51,290,000 after purchasing an additional 1,448,843 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Old National Bancorp by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,684,557 shares of the bank worth $30,525,000 after purchasing an additional 32,382 shares last quarter. Hedge funds and other institutional investors hold 78.66% of the company’s shares.

Former performance of National Bancorp shares

Former National Bancorp stock opened at $18.00 on Friday. Old National Bancorp has a 12-month low of $14.22 and a 12-month high of $20.81. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt ratio of 0.81. The company has a market capitalization of $5.27 billion, a P/E ratio of 17.65 and a beta of 0.86. The stock’s 50-day moving average is $15.99 and its 200-day moving average is $16.36.

Old National Bancorp (NASDAQ:ONB – Get Rating) last announced its quarterly results on Tuesday, July 26. The bank reported earnings per share of $0.46 for the quarter, beating the consensus estimate of $0.39 by $0.07. Old National Bancorp had a net margin of 18.42% and a return on equity of 9.13%. In the same quarter of the previous year, the company had earned earnings per share of $0.41. On average, stock research analysts expect Old National Bancorp to post 1.88 earnings per share for the current fiscal year.

Former National Bancorp dividend announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15. Shareholders of record on Thursday, September 1 will receive a dividend of $0.14 per share. This represents a dividend of $0.56 on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Wednesday, August 31. The former National Bancorp’s payout ratio is currently 54.90%.

Analyst upgrades and downgrades

Several stock analysts have recently released reports on the stock. TheStreet reduced shares of Old National Bancorp from a ‘b’ rating to a ‘c+’ rating in a Friday, May 27 research report. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a Wednesday, July 13 research report. Piper Sandler raised her price target on Old National Bancorp to $21.00 and gave the company an “outperform” rating in a Wednesday, July 27 research report. Finally, Stephens upgraded Old National Bancorp from an “equal weight” rating to an “overweight” rating and set a price target of $19.00 for the company in a Friday, May 13 research report. Two analysts rated the stock with a hold rating and three gave the company’s stock a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “moderate buy” and a consensus target price of $20.75.

Former National Bancorp company profile

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Old National Bancorp operates as a bank holding company for Old National Bank which provides various financial services to individuals and businesses in the United States. It accepts deposit accounts, including non-interest-bearing current accounts, interest-bearing checks, negotiable withdrawal orders, savings and money market accounts, and term deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit and leasing.

See also

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Institutional ownership by quarter for Old National Bancorp (NASDAQ:ONB)



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