Raymond James Financial Inc. Purchases Shares of 907,999 Old National Bancorp (NASDAQ:ONB)

Raymond James Financial Inc. bought a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 907,999 shares of the bank's stock, valued at approximately $19,708,000. Raymond James Financial Inc. owned approximately 0.28% of Old National Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Arizona State Retirement System boosted its holdings in shares of Old National Bancorp by 0.8% in the fourth quarter. Arizona State Retirement System now owns 92,571 shares of the bank's stock valued at $2,009,000 after buying an additional 725 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Old National Bancorp by 4.5% in the fourth quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank's stock valued at $163,899,000 after buying an additional 326,135 shares during the period. Keybank National Association OH boosted its holdings in shares of Old National Bancorp by 2.9% in the fourth quarter. Keybank National Association OH now owns 42,645 shares of the bank's stock valued at $926,000 after buying an additional 1,189 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Old National Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,677,013 shares of the bank's stock valued at $79,810,000 after buying an additional 47,149 shares during the period. Finally, Fisher Asset Management LLC boosted its holdings in shares of Old National Bancorp by 28.7% in the fourth quarter. Fisher Asset Management LLC now owns 4,100,349 shares of the bank's stock valued at $88,998,000 after buying an additional 914,217 shares during the period. Institutional investors own 83.66% of the company's stock.

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Analysts Set New Price Targets

ONB has been the subject of several research analyst reports. Raymond James reiterated a "strong-buy" rating and issued a $29.00 price target (up previously from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Piper Sandler reiterated an "overweight" rating and issued a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Barclays upped their price target 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. Stephens reiterated an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, January 22nd. 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, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $26.29.

Old National Bancorp Stock Down 1.1 %

ONB traded down $0.23 during trading hours on Thursday, hitting $21.37. 1,777,268 shares of the company's stock were exchanged, compared to its average volume of 2,289,769. Old National Bancorp has a 1-year low of $15.38 and a 1-year high of $24.49. The stock's 50-day moving average is $22.83 and its two-hundred day moving average is $21.27. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of 12.72 and a beta of 0.85. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same period in the previous year, the company earned $0.46 earnings per share. Sell-side analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp's dividend payout ratio is currently 33.33%.

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.