HighTower Advisors LLC Raises Position in Old National Bancorp (NASDAQ:ONB)

HighTower Advisors LLC increased its stake in Old National Bancorp (NASDAQ:ONB) by 26.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,187 shares of the bank’s stock after purchasing an additional 2,969 shares during the quarter. HighTower Advisors LLC’s holdings in Old National Bancorp were worth $267,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Fisher Asset Management LLC boosted its position in Old National Bancorp by 2.9% during the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock worth $59,453,000 after purchasing an additional 90,747 shares during the period. Citigroup Inc. boosted 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 worth $9,051,000 after buying an additional 52,430 shares during the period. Retirement Systems of Alabama grew its stake in Old National Bancorp by 6.1% in the 2nd quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock valued at $6,700,000 after buying an additional 22,249 shares in the last quarter. LMR Partners LLP bought a new stake in Old National Bancorp during the 3rd quarter valued at $452,000. Finally, First Eagle Investment Management LLC lifted its position in shares of Old National Bancorp by 10.1% during the second quarter. First Eagle Investment Management LLC now owns 491,698 shares of the bank’s stock worth $8,452,000 after acquiring an additional 45,000 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ONB shares. Royal Bank of Canada upped their price target on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 26th. Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods raised their price target on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Finally, Barclays upped 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 report on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six 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 a consensus rating of “Moderate Buy” and an average target price of $24.38.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $21.66 on Tuesday. The stock’s 50-day moving average is $21.21 and its 200 day moving average is $19.27. The stock has a market cap of $6.91 billion, a price-to-earnings ratio of 13.13 and a beta of 0.86. Old National Bancorp has a 1-year low of $15.36 and a 1-year high of $23.76. 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 (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The firm had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. During the same period last year, the firm posted $0.51 earnings per share. The business’s revenue was up 6.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Old National Bancorp will post 1.83 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Thursday, December 5th. Old National Bancorp’s dividend payout ratio is presently 33.94%.

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.