Fmr LLC Grows Stake in Old National Bancorp (NASDAQ:ONB)

FMR LLC boosted its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 11.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 654,071 shares of the bank's stock after buying an additional 64,735 shares during the period. FMR LLC owned 0.21% of Old National Bancorp worth $12,205,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ONB. Studio Investment Management LLC raised its position in Old National Bancorp by 2.6% in the third quarter. Studio Investment Management LLC now owns 20,803 shares of the bank's stock valued at $388,000 after purchasing an additional 524 shares during the period. CWM LLC raised its position in Old National Bancorp by 0.7% in the third quarter. CWM LLC now owns 87,365 shares of the bank's stock valued at $1,630,000 after purchasing an additional 591 shares during the period. Forum Financial Management LP raised its position in Old National Bancorp by 3.9% in the second quarter. Forum Financial Management LP now owns 20,152 shares of the bank's stock valued at $346,000 after purchasing an additional 748 shares during the period. Securian Asset Management Inc. raised its position 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 valued at $433,000 after purchasing an additional 1,119 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Old National Bancorp by 1.2% in the second quarter. Envestnet Asset Management Inc. now owns 105,231 shares of the bank's stock valued at $1,809,000 after purchasing an additional 1,207 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Stock Down 1.4 %

Shares of NASDAQ:ONB traded down $0.33 on Thursday, hitting $22.76. 803,799 shares of the company's stock were exchanged, compared to its average volume of 2,143,233. The firm's 50-day moving average is $20.69 and its 200 day moving average is $19.00. The company has a market capitalization of $7.26 billion, a PE ratio of 13.99 and a beta of 0.86. Old National Bancorp has a 1-year low of $15.36 and a 1-year 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.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.46. The firm had revenue of $485.86 million during the quarter, compared to analysts' expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business's revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 EPS. Sell-side analysts predict that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.46%. The ex-dividend date is Thursday, December 5th. Old National Bancorp's dividend payout ratio is presently 33.94%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ONB shares. Raymond James upgraded Old National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $28.00 price objective on the stock in a report on Tuesday, November 26th. Royal Bank of Canada boosted their price objective on Old National Bancorp from $24.00 to $25.00 and gave the company a "sector perform" rating in a report on Tuesday, November 26th. Piper Sandler reiterated an "overweight" rating and issued a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Keefe, Bruyette & Woods boosted their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an "outperform" rating in a report on Tuesday, November 26th. Finally, Barclays boosted their price objective on Old National Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $24.25.

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.