Old National Bancorp (NASDAQ:ONB) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 13.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 3,498,108 shares of the bank's stock after purchasing an additional 416,647 shares during the period. JPMorgan Chase & Co. owned approximately 1.10% of Old National Bancorp worth $65,275,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its stake in Old National Bancorp by 147.3% during the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank's stock worth $134,820,000 after purchasing an additional 4,303,071 shares during the period. Dimensional Fund Advisors LP increased its stake in Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank's stock worth $289,481,000 after buying an additional 1,896,748 shares during the period. Point72 Asset Management L.P. lifted its holdings in Old National Bancorp by 6,650.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank's stock worth $21,931,000 after buying an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund boosted its position in 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 buying an additional 857,158 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Old National Bancorp by 6.6% in the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank's stock worth $155,502,000 after acquiring an additional 514,315 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ONB. Royal Bank of Canada increased their price objective on Old National Bancorp from $24.00 to $25.00 and gave the company a "sector perform" rating in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods lifted their price objective on 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 reissued an "overweight" rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Barclays raised their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, December 20th. Finally, StockNews.com cut shares of 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, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $24.38.

Old National Bancorp Stock Up 1.4 %

Shares of NASDAQ:ONB traded up $0.30 during trading on Friday, hitting $21.47. 2,043,943 shares of the company were exchanged, compared to its average volume of 3,249,271. The firm's 50 day moving average price is $21.73 and its 200-day moving average price is $19.65. Old National Bancorp has a 12-month low of $15.36 and a 12-month 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. The stock has a market capitalization of $6.85 billion, a P/E ratio of 13.01 and a beta of 0.86.

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

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.61%. The ex-dividend date was Thursday, December 5th. Old National Bancorp's dividend payout ratio (DPR) is 33.94%.

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.