Swiss National Bank Boosts Stock Position in Old National Bancorp (NASDAQ:ONB)

Swiss National Bank grew its position in Old National Bancorp (NASDAQ:ONB) by 0.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 627,437 shares of the bank’s stock after purchasing an additional 3,600 shares during the period. Swiss National Bank owned approximately 0.20% of Old National Bancorp worth $13,619,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. State Street Corp increased its holdings in Old National Bancorp by 0.3% in the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock worth $275,941,000 after buying an additional 42,723 shares during the period. Geode Capital Management LLC raised its holdings in shares of Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after purchasing an additional 514,315 shares during the last quarter. Victory Capital Management Inc. lifted its position in Old National Bancorp by 4.5% during the fourth quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank’s stock valued at $163,899,000 after purchasing an additional 326,135 shares during the period. Channing Capital Management LLC boosted its holdings in Old National Bancorp by 12.4% in the fourth quarter. Channing Capital Management LLC now owns 4,618,462 shares of the bank’s stock valued at $100,244,000 after purchasing an additional 509,028 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in Old National Bancorp by 28.7% during the 4th quarter. Fisher Asset Management LLC now owns 4,100,349 shares of the bank’s stock worth $88,998,000 after purchasing an additional 914,217 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ONB has been the subject of several analyst reports. Raymond James reissued a “strong-buy” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Barclays raised their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Piper Sandler reiterated an “overweight” rating and issued a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Stephens restated 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 shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Old National Bancorp has an average rating of “Moderate Buy” and an average target price of $26.29.

Old National Bancorp Trading Up 1.9 %

Shares of Old National Bancorp stock opened at $21.60 on Thursday. Old National Bancorp has a twelve month low of $15.38 and a twelve month high of $24.49. The firm’s 50-day moving average price is $22.83 and its 200 day moving average price is $21.27. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $6.89 billion, a PE ratio of 12.86 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same period in the prior year, the firm earned $0.46 EPS. On average, sell-side analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s payout ratio is 33.33%.

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.