Brown Brothers Harriman & Co. Has $6.20 Million Position in Old National Bancorp (NASDAQ:ONB)

Brown Brothers Harriman & Co. reduced its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 10.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 332,387 shares of the bank's stock after selling 40,000 shares during the quarter. Brown Brothers Harriman & Co. owned approximately 0.10% of Old National Bancorp worth $6,202,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in ONB. Victory Capital Management Inc. grew its stake in shares of Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank's stock valued at $134,820,000 after buying an additional 4,303,071 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Old National Bancorp by 12.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank's stock worth $289,481,000 after purchasing an additional 1,896,748 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Old National Bancorp by 6,650.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank's stock valued at $21,931,000 after purchasing an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Old National Bancorp by 469.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank's stock worth $19,400,000 after purchasing an additional 857,158 shares during the period. Finally, Equitable Trust Co. acquired a new stake in Old National Bancorp during the 2nd quarter worth approximately $8,681,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Barclays lifted their price target on shares of Old National Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday. Piper Sandler reaffirmed an "overweight" rating and set a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday. 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. StockNews.com raised Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Monday. Finally, Royal Bank of Canada lifted their price target on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a "sector perform" rating in a research note on Tuesday. Two equities research 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.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $23.44.

Old National Bancorp Price Performance

Shares of NASDAQ ONB traded up $0.20 during mid-day trading on Tuesday, reaching $23.14. The company had a trading volume of 6,392,749 shares, compared to its average volume of 2,134,779. The company has a 50-day moving average price of $19.63 and a two-hundred day moving average price of $18.52. The stock has a market cap of $7.38 billion, a PE ratio of 14.07 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 1-year low of $14.32 and a 1-year high of $23.76.

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

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be given a $0.14 dividend. The ex-dividend date is Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. Old National Bancorp's dividend payout ratio (DPR) is presently 33.94%.

Old National Bancorp Company 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.