Fifth Third Wealth Advisors LLC Buys New Shares in Old National Bancorp (NASDAQ:ONB)

Fifth Third Wealth Advisors LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 9,638 shares of the bank’s stock, valued at approximately $209,000.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp grew its stake in Old National Bancorp by 0.3% during the third quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock worth $275,941,000 after purchasing an additional 42,723 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after buying an additional 514,315 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after buying an additional 4,303,071 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of 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 in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Old National Bancorp by 13.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock valued at $65,275,000 after acquiring an additional 416,647 shares during the period. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $22.93 on Friday. 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. The business has a 50 day moving average price of $22.07 and a 200-day moving average price of $19.99. The company has a market cap of $7.31 billion, a PE ratio of 13.90 and a beta of 0.87.

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

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were issued a $0.14 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.44%. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Wall Street Analysts Forecast Growth

ONB has been the subject of a number of research reports. Piper Sandler restated an “overweight” rating and issued a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Keefe, Bruyette & Woods raised their target price on 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 upped their price target on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 26th. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Tuesday, November 26th. Finally, Barclays boosted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $24.38.

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.