Intech Investment Management LLC Acquires New Stake in Old National Bancorp (NASDAQ:ONB)

Intech Investment Management LLC bought a new position in Old National Bancorp (NASDAQ:ONB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 71,772 shares of the bank’s stock, valued at approximately $1,339,000.

Other institutional investors have also recently modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Old National Bancorp in the 3rd quarter worth about $8,093,000. OneAscent Financial Services LLC purchased a new position in Old National Bancorp in the third quarter worth about $629,000. LMR Partners LLP purchased a new position in Old National Bancorp in the third quarter worth about $452,000. Quest Partners LLC bought a new position in shares of Old National Bancorp in the third quarter worth approximately $91,000. Finally, Accredited Investors Inc. purchased a new stake in shares of Old National Bancorp during the third quarter valued at approximately $5,475,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.14 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82. The company has a 50-day moving average price of $19.63 and a 200-day moving average price of $18.52. Old National Bancorp has a 52 week low of $14.32 and a 52 week high of $23.76.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. During the same period in the prior year, the company earned $0.51 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. Equities research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ONB shares. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Tuesday. Barclays lifted their price objective on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday. Royal Bank of Canada boosted their target price on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods raised their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.44.

About Old National Bancorp

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.