Bridgefront Capital LLC Acquires Shares of 12,540 Old National Bancorp (NASDAQ:ONB)

Bridgefront Capital LLC bought a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 12,540 shares of the bank's stock, valued at approximately $272,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lee Danner & Bass Inc. purchased a new position in Old National Bancorp in the 4th quarter worth $25,000. Empowered Funds LLC acquired a new stake in shares of Old National Bancorp during the fourth quarter worth about $28,000. UMB Bank n.a. boosted its position in Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock valued at $39,000 after buying an additional 663 shares during the last quarter. Bank of Jackson Hole Trust acquired a new position in Old National Bancorp in the 4th quarter worth approximately $65,000. Finally, Allworth Financial LP raised its position in Old National Bancorp by 150.5% during the 4th quarter. Allworth Financial LP now owns 3,507 shares of the bank's stock worth $82,000 after buying an additional 2,107 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ONB. Raymond James reduced their price target on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 2nd. Royal Bank of Canada dropped their price target on shares of Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Barclays cut their price objective on Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Truist Financial started coverage on Old National Bancorp in a research note on Tuesday. They issued a "buy" rating and a $26.00 price target on the stock. Finally, StockNews.com raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $25.67.

Old National Bancorp Stock Performance

Old National Bancorp stock traded up $0.28 during trading hours on Tuesday, reaching $22.41. 704,160 shares of the stock were exchanged, compared to its average volume of 2,496,535. Old National Bancorp has a 52-week low of $15.60 and a 52-week high of $24.49. The firm's 50 day moving average is $20.42 and its 200 day moving average is $21.70. The stock has a market cap of $7.17 billion, a P/E ratio of 13.34 and a beta of 0.85. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. The firm had revenue of $486.87 million during the quarter, compared to analysts' expectations of $478.37 million. Analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend was Wednesday, March 5th. Old National Bancorp's dividend payout ratio is currently 32.56%.

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.