Intech Investment Management LLC Purchases New Holdings in Old National Bancorp (NASDAQ:ONB)

Intech Investment Management LLC bought a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 71,772 shares of the bank's stock, valued at approximately $1,339,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC boosted its position in Old National Bancorp by 0.7% in the 3rd quarter. CWM LLC now owns 87,365 shares of the bank's stock valued at $1,630,000 after buying an additional 591 shares during the last quarter. Forum Financial Management LP increased 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 worth $346,000 after purchasing an additional 748 shares during the period. GAMMA Investing LLC raised its holdings in 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 purchasing an additional 1,005 shares during the last quarter. Studio Investment Management LLC lifted its position in Old National Bancorp by 5.7% during the 2nd quarter. Studio Investment Management LLC now owns 20,279 shares of the bank's stock valued at $349,000 after purchasing an additional 1,100 shares during the period. Finally, Securian Asset Management Inc. boosted its stake in shares of Old National Bancorp by 4.6% in the 2nd 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 last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

NASDAQ ONB remained flat at $23.14 on Wednesday. 3,659,701 shares of the company were exchanged, compared to its average volume of 2,141,409. The stock's fifty day moving average price is $19.72 and its two-hundred day moving average price is $18.56. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 12-month low of $14.32 and a 12-month high of $23.76.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company had revenue of $485.86 million during the quarter, compared to analysts' expectations of $482.20 million. During the same period in the prior year, the firm earned $0.51 earnings per share. Old National Bancorp's revenue for the quarter was up 6.5% compared to the same quarter last year. On average, research analysts forecast 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. Stockholders of record on Thursday, December 5th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.42%. Old National Bancorp's dividend payout ratio (DPR) is presently 33.94%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ONB shares. StockNews.com upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a report on Monday. Barclays increased their price target on Old National Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a research note on Tuesday. Piper Sandler reaffirmed an "overweight" rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Raymond James upgraded Old National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $28.00 target price on the stock in a report on Tuesday. Finally, Keefe, Bruyette & Woods increased their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an "outperform" rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Old National Bancorp has an average rating of "Moderate Buy" and an average target price of $23.44.

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.