Verition Fund Management LLC lessened its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 4.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,203,415 shares of the bank's stock after selling 218,531 shares during the quarter. Old National Bancorp makes up about 0.4% of Verition Fund Management LLC's investment portfolio, making the stock its 8th largest holding. Verition Fund Management LLC owned about 1.32% of Old National Bancorp worth $78,436,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in ONB. International Assets Investment Management LLC raised its position in shares of Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank's stock worth $26,000 after purchasing an additional 1,325 shares during the period. GAMMA Investing LLC lifted its stake in Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank's stock valued at $26,000 after buying an additional 1,005 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in Old National Bancorp in the second quarter valued at $28,000. LRI Investments LLC acquired a new position in shares of Old National Bancorp during the first quarter valued at $48,000. Finally, Quest Partners LLC bought a new position in shares of Old National Bancorp during the third quarter worth about $91,000. Institutional investors own 83.66% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on the company. 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 note on Tuesday. Royal Bank of Canada lifted their target price on Old National Bancorp from $24.00 to $25.00 and gave the stock a "sector perform" rating in a report on Tuesday. StockNews.com raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a report on Monday, November 25th. Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an "outperform" rating in a report on Tuesday. Finally, 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 for the company in a research note on Tuesday. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.44.
Check Out Our Latest Stock Report on ONB
Old National Bancorp Stock Performance
Shares of NASDAQ:ONB traded up $0.02 during trading on Friday, reaching $23.16. The stock had a trading volume of 1,713,504 shares, compared to its average volume of 2,139,558. The stock has a fifty day simple moving average of $19.95 and a two-hundred day simple moving average of $18.67. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 52 week low of $14.63 and a 52 week high of $23.76. The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82.
Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same period last year, the business posted $0.51 EPS. The business's quarterly revenue was up 6.5% on a year-over-year basis. As a group, analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.
Old National Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp's dividend payout ratio (DPR) is 33.94%.
About Old National Bancorp
(
Free Report)
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.
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