Old National Bancorp (NASDAQ:ONB) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 13.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,498,108 shares of the bank’s stock after acquiring an additional 416,647 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.10% of Old National Bancorp worth $65,275,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ONB. Studio Investment Management LLC grew its position in shares of Old National Bancorp by 2.6% during the third quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock worth $388,000 after acquiring an additional 524 shares during the last quarter. CWM LLC raised its holdings in shares of Old National Bancorp by 0.7% in the third quarter. CWM LLC now owns 87,365 shares of the bank’s stock valued at $1,630,000 after buying an additional 591 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of Old National Bancorp by 1.2% during the third quarter. Stifel Financial Corp now owns 53,594 shares of the bank’s stock worth $1,000,000 after buying an additional 648 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Old National Bancorp by 1.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 105,231 shares of the bank’s stock valued at $1,809,000 after acquiring an additional 1,207 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after acquiring an additional 1,325 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Price Performance

ONB stock opened at $21.47 on Friday. The stock has a market capitalization of $6.85 billion, a price-to-earnings ratio of 13.01 and a beta of 0.86. The stock’s fifty day simple moving average is $21.73 and its 200-day simple moving average is $19.62. Old National Bancorp has a 52-week low of $15.36 and a 52-week high of $23.76. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.51 EPS. Equities research analysts expect that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.61%. Old National Bancorp’s dividend payout ratio is presently 33.94%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Royal Bank of Canada increased their price objective on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods upped their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. Finally, Barclays boosted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

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.