Kovack Advisors Inc. Acquires New Position in Old National Bancorp (NASDAQ:ONB)

Kovack Advisors Inc. purchased a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,312 shares of the bank's stock, valued at approximately $289,000.

Several other large investors have also recently made changes to their positions in ONB. International Assets Investment Management LLC raised its stake in shares of Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank's stock worth $26,000 after acquiring an additional 1,325 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Old National Bancorp in the fourth quarter worth $28,000. Versant Capital Management Inc increased its stake in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank's stock worth $36,000 after buying an additional 615 shares during the period. UMB Bank n.a. increased its stake in shares of Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock worth $39,000 after buying an additional 663 shares during the period. Finally, Bank of Jackson Hole Trust purchased a new position in shares of Old National Bancorp in the fourth quarter worth $65,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on ONB. Barclays lifted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an "overweight" rating in a research note on Friday, December 20th. Piper Sandler reaffirmed an "overweight" rating and issued a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Stephens reiterated an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods upped their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an "outperform" rating in a report on Tuesday, November 26th. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $26.00 price objective (up from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.29.

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Old National Bancorp Stock Down 1.0 %

Shares of NASDAQ:ONB traded down $0.23 during midday trading on Wednesday, reaching $22.15. The company's stock had a trading volume of 2,276,028 shares, compared to its average volume of 3,105,015. The firm has a 50 day moving average of $22.94 and a 200-day moving average of $21.15. The firm has a market capitalization of $7.07 billion, a P/E ratio of 13.18 and a beta of 0.85. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84. Old National Bancorp has a 12-month low of $15.38 and a 12-month high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same period in the prior year, the firm posted $0.46 EPS. On average, research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Wednesday, March 5th. Old National Bancorp's dividend payout ratio is presently 33.33%.

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.