Old National Bancorp (NASDAQ:ONB) Shares Purchased by Cerity Partners LLC

Cerity Partners LLC increased its stake in shares of Old National Bancorp (NASDAQ:ONB) by 51.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,952 shares of the bank’s stock after purchasing an additional 22,533 shares during the period. Cerity Partners LLC’s holdings in Old National Bancorp were worth $1,231,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Studio Investment Management LLC raised its holdings in Old National Bancorp by 2.6% in the 3rd quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock valued at $388,000 after acquiring an additional 524 shares during the last quarter. Citigroup Inc. raised its holdings in Old National Bancorp by 12.1% in the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock valued at $9,051,000 after acquiring an additional 52,430 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Old National Bancorp by 2.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock valued at $67,733,000 after acquiring an additional 78,983 shares during the last quarter. Intech Investment Management LLC acquired a new position in Old National Bancorp in the 3rd quarter valued at $1,339,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Old National Bancorp in the 3rd quarter valued at $8,093,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Up 0.3 %

Shares of Old National Bancorp stock opened at $23.06 on Wednesday. The company has a fifty day moving average price of $20.04 and a 200 day moving average price of $18.72. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a twelve month low of $15.36 and a twelve month high of $23.76. The stock has a market cap of $7.36 billion, a price-to-earnings ratio of 13.98 and a beta of 0.86.

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

Old National Bancorp Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.43%. Old National Bancorp’s payout ratio is currently 33.94%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a report on Tuesday, November 26th. Barclays boosted their price objective on shares of Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods boosted 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, November 26th. Royal Bank of Canada boosted their price objective on shares of Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler reissued an “overweight” rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Old National Bancorp Company 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.