EMC Capital Management Acquires 13,293 Shares of Old National Bancorp (NASDAQ:ONB)

EMC Capital Management increased its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 145.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,445 shares of the bank's stock after acquiring an additional 13,293 shares during the period. EMC Capital Management's holdings in Old National Bancorp were worth $487,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its position in Old National Bancorp by 147.3% in the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank's stock valued at $134,820,000 after purchasing an additional 4,303,071 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Old National Bancorp by 469.7% in the 3rd quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank's stock valued at $19,400,000 after acquiring an additional 857,158 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank's stock worth $155,502,000 after purchasing an additional 514,315 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Old National Bancorp during the 3rd quarter worth approximately $8,093,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Old National Bancorp by 13.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank's stock worth $65,275,000 after purchasing an additional 416,647 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Price Performance

Old National Bancorp stock traded down $0.35 during mid-day trading on Monday, reaching $23.50. 2,099,723 shares of the company were exchanged, compared to its average volume of 3,568,203. The company has a fifty day simple moving average of $22.43 and a 200-day simple moving average of $20.40. The firm has a market cap of $7.50 billion, a PE ratio of 13.99 and a beta of 0.88. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.93 and a quick ratio of 0.92. Old National Bancorp has a 12 month low of $15.36 and a 12 month high of $24.17.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted 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 14.32%. During the same quarter in the previous year, the firm earned $0.46 EPS. As a group, equities research analysts expect that Old National Bancorp will post 2.05 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend was Thursday, December 5th. Old National Bancorp's dividend payout ratio is currently 33.33%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ONB. Barclays boosted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an "overweight" rating in a report 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 report on Tuesday, November 26th. Royal Bank of Canada reiterated a "sector perform" rating and set a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods raised their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an "outperform" rating in a research report on Tuesday, November 26th. Finally, StockNews.com downgraded Old National Bancorp from a "hold" rating to a "sell" rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $26.29.

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.