Old National Bancorp (NASDAQ:ONB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 2.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,186,660 shares of the bank's stock after selling 31,466 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.37% of Old National Bancorp worth $22,143,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in ONB. Dynamic Technology Lab Private Ltd bought a new stake in Old National Bancorp in the third quarter worth $375,000. Fisher Asset Management LLC lifted its holdings in shares of Old National Bancorp by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank's stock worth $59,453,000 after acquiring an additional 90,747 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of Old National Bancorp by 51.9% during the 3rd quarter. Cerity Partners LLC now owns 65,952 shares of the bank's stock worth $1,231,000 after purchasing an additional 22,533 shares during the period. Studio Investment Management LLC grew its holdings in Old National Bancorp by 2.6% during the 3rd quarter. Studio Investment Management LLC now owns 20,803 shares of the bank's stock valued at $388,000 after purchasing an additional 524 shares during the last quarter. Finally, Citigroup Inc. raised its position 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 purchasing an additional 52,430 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ONB. Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an "outperform" rating in a research note on Tuesday, November 26th. Barclays boosted their price objective 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, November 26th. Raymond James raised shares of Old National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $28.00 target price on the stock in a research report on Tuesday, November 26th. Piper Sandler reissued an "overweight" rating and issued a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada lifted their target price on Old National Bancorp from $24.00 to $25.00 and gave the company a "sector perform" rating in a research report on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.44.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB traded up $0.02 on Friday, hitting $23.16. 1,713,504 shares of the company were exchanged, compared to its average volume of 3,358,317. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The stock's 50 day moving average price is $19.95 and its 200 day moving average price is $18.67. Old National Bancorp has a 1-year low of $14.63 and a 1-year high of $23.76. The firm has a market capitalization of $7.39 billion, a P/E ratio of 14.04 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS 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 during the quarter, compared to the consensus estimate of $482.20 million. During the same quarter in the previous year, the company posted $0.51 earnings per share. The company's revenue was up 6.5% compared to the same quarter last year. Sell-side analysts predict that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be issued 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 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.