Old National Bancorp (NASDAQ:ONB) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC reduced its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,915,148 shares of the bank's stock after selling 68,580 shares during the quarter. Pzena Investment Management LLC owned approximately 0.91% of Old National Bancorp worth $63,273,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ONB. Fisher Asset Management LLC increased its position in Old National Bancorp by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank's stock worth $59,453,000 after purchasing an additional 90,747 shares during the period. Citigroup Inc. increased its holdings in shares of Old National Bancorp by 12.1% during the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank's stock worth $9,051,000 after acquiring an additional 52,430 shares during the last quarter. LMR Partners LLP acquired a new position in Old National Bancorp in the 3rd quarter valued at $452,000. JPMorgan Chase & Co. grew its holdings in Old National Bancorp by 13.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank's stock valued at $65,275,000 after buying an additional 416,647 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in shares of Old National Bancorp during the 4th quarter valued at $209,000. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ONB has been the subject of several recent analyst reports. Piper Sandler restated 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 increased their target price on Old National Bancorp from $26.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday, December 20th. Raymond James reiterated a "strong-buy" rating and issued a $29.00 target price (up from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Stephens reiterated an "overweight" rating and issued a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $26.00 target price (up from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.29.

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Old National Bancorp Trading Up 3.8 %

NASDAQ ONB traded up $0.76 during trading hours on Friday, hitting $20.96. 2,908,592 shares of the company's stock were exchanged, compared to its average volume of 3,084,675. The stock has a 50-day simple moving average of $22.82 and a 200 day simple moving average of $21.22. Old National Bancorp has a 1-year low of $15.38 and a 1-year high of $24.49. The firm has a market cap of $6.69 billion, a price-to-earnings ratio of 12.48 and a beta of 0.85. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same quarter in the previous year, the company earned $0.46 earnings per share. On average, equities analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Wednesday, March 5th. Old National Bancorp's dividend payout ratio is currently 33.33%.

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.