Systematic Financial Management LP Takes Position in Old National Bancorp (NASDAQ:ONB)

Systematic Financial Management LP purchased a new stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The fund purchased 57,528 shares of the bank's stock, valued at approximately $1,073,000.

A number of other hedge funds have also recently made changes to their positions in the company. Studio Investment Management LLC lifted its holdings in shares of Old National Bancorp by 2.6% during the 3rd quarter. Studio Investment Management LLC now owns 20,803 shares of the bank's stock worth $388,000 after acquiring an additional 524 shares during the last quarter. CWM LLC lifted its holdings in shares of Old National Bancorp by 0.7% during the 3rd quarter. CWM LLC now owns 87,365 shares of the bank's stock worth $1,630,000 after acquiring an additional 591 shares during the last quarter. Forum Financial Management LP lifted its holdings in shares of Old National Bancorp by 3.9% during the 2nd quarter. Forum Financial Management LP now owns 20,152 shares of the bank's stock worth $346,000 after acquiring an additional 748 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank's stock worth $26,000 after acquiring an additional 1,005 shares during the last quarter. Finally, Securian Asset Management Inc. lifted its stake in Old National Bancorp by 4.6% in the second quarter. Securian Asset Management Inc. now owns 25,186 shares of the bank's stock worth $433,000 after purchasing an additional 1,119 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ONB. Keefe, Bruyette & Woods boosted their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 26th. Barclays boosted their price target on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 26th. Raymond James raised shares of Old National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $28.00 price target for the company in a research note on Tuesday, November 26th. StockNews.com downgraded shares of Old National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday. Finally, Piper Sandler reissued an "overweight" rating and issued a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Old National Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $24.25.

Old National Bancorp Trading Down 0.2 %

Shares of NASDAQ ONB traded down $0.04 during midday trading on Friday, hitting $23.08. 1,905,434 shares of the company traded hands, compared to its average volume of 2,143,637. Old National Bancorp has a 12-month low of $15.36 and a 12-month high of $23.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a 50-day moving average price of $20.40 and a 200 day moving average price of $18.86. The firm has a market cap of $7.36 billion, a P/E ratio of 13.99 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million for the quarter, compared to analysts' expectations of $482.20 million. During the same quarter in the previous year, the company earned $0.51 earnings per share. Old National Bancorp's quarterly revenue was up 6.5% on a year-over-year basis. As a group, analysts expect that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 33.94%.

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.