Ensign Peak Advisors Inc Lowers Position in Old National Bancorp (NASDAQ:ONB)

Ensign Peak Advisors Inc lowered its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 21.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 85,168 shares of the bank's stock after selling 23,835 shares during the period. Ensign Peak Advisors Inc's holdings in Old National Bancorp were worth $1,849,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Deutsche Bank AG raised its stake in shares of Old National Bancorp by 47.1% during the 4th quarter. Deutsche Bank AG now owns 270,302 shares of the bank's stock worth $5,868,000 after buying an additional 86,502 shares in the last quarter. Crestline Management LP purchased a new position in Old National Bancorp in the fourth quarter worth $1,176,000. Cetera Investment Advisers lifted its holdings in Old National Bancorp by 4.7% in the fourth quarter. Cetera Investment Advisers now owns 22,414 shares of the bank's stock valued at $486,000 after acquiring an additional 1,004 shares during the period. Bridgefront Capital LLC purchased a new stake in shares of Old National Bancorp during the 4th quarter worth $272,000. Finally, Brown Advisory Inc. increased its holdings in shares of Old National Bancorp by 6.7% in the 4th quarter. Brown Advisory Inc. now owns 2,733,104 shares of the bank's stock valued at $59,322,000 after purchasing an additional 172,737 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

Shares of ONB traded down $0.29 during trading hours on Wednesday, reaching $21.32. 338,394 shares of the company traded hands, compared to its average volume of 2,529,621. The stock has a market capitalization of $6.82 billion, a PE ratio of 12.68 and a beta of 0.85. The stock has a fifty day simple moving average of $20.59 and a 200 day simple moving average of $21.81. Old National Bancorp has a fifty-two week low of $15.60 and a fifty-two week high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $486.87 million for the quarter, compared to analysts' expectations of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. As a group, research analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Thursday, June 5th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $0.56 annualized dividend and a yield of 2.63%. Old National Bancorp's payout ratio is currently 32.56%.

Analysts Set New Price Targets

ONB has been the topic of several recent analyst reports. Barclays lowered their target price on shares of 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. Citigroup reduced their price objective on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Stephens reissued an "overweight" rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Monday, April 14th. Raymond James dropped their price target on 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. Finally, Truist Financial initiated coverage on shares of Old National Bancorp in a research report on Tuesday, May 13th. They issued a "buy" rating and a $26.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $25.50.

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.