Cibc World Markets Corp Buys New Shares in Old National Bancorp (NASDAQ:ONB)

Cibc World Markets Corp bought a new stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 29,448 shares of the bank's stock, valued at approximately $639,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp raised its stake in Old National Bancorp by 0.3% during the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank's stock valued at $275,941,000 after purchasing an additional 42,723 shares during the period. Geode Capital Management LLC raised its position in Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank's stock valued at $155,502,000 after buying an additional 514,315 shares during the period. Victory Capital Management Inc. lifted its stake in Old National Bancorp by 4.5% in the 4th quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank's stock worth $163,899,000 after acquiring an additional 326,135 shares in the last quarter. Channing Capital Management LLC lifted its stake in Old National Bancorp by 12.4% in the 4th quarter. Channing Capital Management LLC now owns 4,618,462 shares of the bank's stock worth $100,244,000 after acquiring an additional 509,028 shares in the last quarter. Finally, Fisher Asset Management LLC grew its position in Old National Bancorp by 28.7% during the fourth quarter. Fisher Asset Management LLC now owns 4,100,349 shares of the bank's stock valued at $88,998,000 after purchasing an additional 914,217 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analyst Weigh In

ONB has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an "outperform" rating in a research note on Tuesday, November 26th. Piper Sandler reiterated an "overweight" rating and set a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. StockNews.com downgraded Old National Bancorp from a "hold" rating to a "sell" rating in a report on Tuesday, December 3rd. Barclays increased their price target 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. Finally, Stephens restated an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, January 22nd. One equities research 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 MarketBeat, Old National Bancorp has an average rating of "Moderate Buy" and a consensus price target of $26.29.

Old National Bancorp Stock Performance

Old National Bancorp stock traded up $0.13 on Wednesday, reaching $21.60. 1,777,523 shares of the stock were exchanged, compared to its average volume of 2,313,517. The stock has a market cap of $6.89 billion, a PE ratio of 12.86 and a beta of 0.85. The firm has a fifty day moving average price of $22.84 and a two-hundred day moving average price of $21.35. Old National Bancorp has a twelve month low of $15.38 and a twelve month high of $24.49. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84.

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

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.59%. Old National Bancorp's payout ratio is 33.33%.

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.