Raymond James Financial Inc. Invests $19.71 Million in Old National Bancorp (NASDAQ:ONB)

Raymond James Financial Inc. bought a new position in Old National Bancorp (NASDAQ:ONB) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 907,999 shares of the bank’s stock, valued at approximately $19,708,000. Raymond James Financial Inc. owned about 0.28% of Old National Bancorp at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in ONB. Empowered Funds LLC bought a new stake in shares of Old National Bancorp in the fourth quarter worth about $28,000. Versant Capital Management Inc increased its holdings in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after purchasing an additional 615 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after purchasing an additional 663 shares during the last quarter. Bank of Jackson Hole Trust bought a new stake in shares of Old National Bancorp in the fourth quarter worth about $65,000. Finally, Allworth Financial LP increased its holdings in shares of Old National Bancorp by 150.5% in the fourth quarter. Allworth Financial LP now owns 3,507 shares of the bank’s stock worth $82,000 after purchasing an additional 2,107 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Up 3.8 %

Shares of NASDAQ:ONB opened at $20.96 on Monday. Old National Bancorp has a 1 year low of $15.38 and a 1 year high of $24.49. The business has a 50 day simple moving average of $22.82 and a two-hundred day simple moving average of $21.25. The firm has a market capitalization of $6.69 billion, a PE ratio of 12.48 and a beta of 0.85. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) 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 quarter last year, the firm earned $0.46 earnings per share. On average, equities analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Wednesday, March 5th will be issued a $0.14 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.67%. Old National Bancorp’s payout ratio is 33.33%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ONB. Barclays lifted their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Stephens reiterated an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Piper Sandler reiterated an “overweight” rating and issued 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, Raymond James reiterated a “strong-buy” rating and issued a $29.00 price target (up previously from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One 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 company. According to MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.29.

Old National Bancorp 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.