Old National Bancorp (NASDAQ:ONB) Stake Lifted by TBH Global Asset Management LLC

TBH Global Asset Management LLC raised its stake in Old National Bancorp (NASDAQ:ONB) by 7.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 47,610 shares of the bank’s stock after buying an additional 3,465 shares during the quarter. TBH Global Asset Management LLC’s holdings in Old National Bancorp were worth $1,033,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Fisher Asset Management LLC raised its stake in Old National Bancorp by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after acquiring an additional 90,747 shares in the last quarter. Citigroup Inc. increased its holdings in shares of Old National Bancorp by 12.1% during the third quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock valued at $9,051,000 after purchasing an additional 52,430 shares during the period. LMR Partners LLP bought a new stake in shares of Old National Bancorp during the third quarter valued at about $452,000. JPMorgan Chase & Co. lifted its holdings in Old National Bancorp by 13.5% in the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock worth $65,275,000 after purchasing an additional 416,647 shares during the period. Finally, Fifth Third Wealth Advisors LLC bought a new position in Old National Bancorp in the 4th quarter valued at about $209,000. 83.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Piper Sandler reissued an “overweight” rating and set a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Raymond James reaffirmed a “strong-buy” rating and set a $29.00 price target (up from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Stephens reiterated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods upped their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $26.29.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $24.30 on Thursday. The stock’s fifty day simple moving average is $22.68 and its 200 day simple moving average is $20.79. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of 14.46 and a beta of 0.88. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 52-week low of $15.38 and a 52-week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same period last year, the business posted $0.46 earnings per share. As a group, sell-side analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

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.