Charles Schwab Investment Management Inc. Raises Holdings in Old National Bancorp (NASDAQ:ONB)

Charles Schwab Investment Management Inc. boosted its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 2.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,629,864 shares of the bank’s stock after acquiring an additional 78,983 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Old National Bancorp were worth $67,733,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ONB. Intech Investment Management LLC acquired a new stake in shares of Old National Bancorp during the third quarter valued at about $1,339,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Old National Bancorp in the 3rd quarter valued at approximately $8,093,000. OneAscent Financial Services LLC purchased a new position in shares of Old National Bancorp during the third quarter worth $629,000. LMR Partners LLP acquired a new stake in shares of Old National Bancorp in the third quarter valued at $452,000. Finally, Quest Partners LLC purchased a new stake in shares of Old National Bancorp in the 3rd quarter valued at $91,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $23.14 on Friday. 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 company has a fifty day simple moving average of $19.80 and a 200-day simple moving average of $18.59. The stock has a market cap of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82. Old National Bancorp has a 12-month low of $14.32 and a 12-month high of $23.76.

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

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is 33.94%.

Wall Street Analysts Forecast Growth

ONB has been the subject of a number of research analyst reports. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Keefe, Bruyette & Woods raised their price objective 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. 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 note on Tuesday. Barclays raised their price target 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. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.44.

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.