Cerity Partners LLC Buys 22,533 Shares of Old National Bancorp (NASDAQ:ONB)

Cerity Partners LLC boosted its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 51.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 65,952 shares of the bank's stock after purchasing an additional 22,533 shares during the quarter. Cerity Partners LLC's holdings in Old National Bancorp were worth $1,231,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ONB. Wealth Enhancement Advisory Services LLC boosted its stake in Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank's stock worth $885,000 after buying an additional 33,615 shares in the last quarter. Busey Bank increased its holdings in shares of Old National Bancorp by 41.6% during the second quarter. Busey Bank now owns 38,519 shares of the bank's stock valued at $662,000 after acquiring an additional 11,316 shares in the last quarter. Retirement Systems of Alabama increased its holdings in shares of Old National Bancorp by 6.1% during the second quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank's stock valued at $6,700,000 after acquiring an additional 22,249 shares in the last quarter. Citigroup Inc. increased its holdings in Old National Bancorp by 12.1% in the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank's stock worth $9,051,000 after buying an additional 52,430 shares in the last quarter. Finally, LMR Partners LLP purchased a new position in Old National Bancorp in the third quarter worth about $452,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Stock Performance

NASDAQ ONB traded up $0.17 on Wednesday, hitting $23.23. 2,095,302 shares of the stock were exchanged, compared to its average volume of 2,144,189. The company has a market capitalization of $7.41 billion, a PE ratio of 13.98 and a beta of 0.86. The business's fifty day moving average is $20.12 and its 200 day moving average is $18.76. Old National Bancorp has a 52 week low of $15.36 and a 52 week high of $23.76. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company's revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.51 EPS. Research analysts anticipate that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.41%. Old National Bancorp's dividend payout ratio (DPR) is presently 33.94%.

Analyst Upgrades and Downgrades

ONB has been the topic of a number of research analyst reports. Raymond James raised Old National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $28.00 price target on the stock in a report on Tuesday, November 26th. StockNews.com lowered shares of Old National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday. Keefe, Bruyette & Woods upped their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an "outperform" rating in a report on Tuesday, November 26th. Barclays upped their price objective on Old National Bancorp from $24.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Finally, Piper Sandler reissued an "overweight" rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average 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.