Old National Bancorp $ONB Stake Boosted by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. has increased its stake in Old National Bancorp by 28.4%, acquiring 105,000 shares to reach a total of 475,000 shares worth approximately $10 million.
• Several hedge funds, including Fifth Third Bancorp and UMB Bank n.a., have also made significant investments in Old National Bancorp, contributing to institutional investors owning 83.66% of the company.
• Old National Bancorp announced a quarterly dividend of $0.14 per share, representing an annualized dividend yield of 2.5%, with the dividend payment scheduled for September 15th.

Adage Capital Partners GP L.L.C. grew its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 28.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 475,000 shares of the bank's stock after acquiring an additional 105,000 shares during the period. Adage Capital Partners GP L.L.C. owned 0.15% of Old National Bancorp worth $10,065,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in Old National Bancorp during the 1st quarter worth about $32,000. USA Financial Formulas acquired a new position in shares of Old National Bancorp in the first quarter valued at $50,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Old National Bancorp in the first quarter valued at about $51,000. Fifth Third Bancorp lifted its position in Old National Bancorp by 21.9% during the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after purchasing an additional 695 shares during the period. Finally, UMB Bank n.a. raised its stake in Old National Bancorp by 122.3% during the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock worth $84,000 after acquiring an additional 2,187 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Stock Performance

NASDAQ ONB traded down $0.15 during mid-day trading on Thursday, reaching $22.34. 1,763,520 shares of the stock were exchanged, compared to its average volume of 3,156,912. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $8.76 billion, a P/E ratio of 13.20 and a beta of 0.89. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The business's 50 day moving average is $22.07 and its 200-day moving average is $21.34.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The business had revenue of $633.41 million during the quarter, compared to analysts' expectations of $622.83 million. During the same period last year, the business earned $0.46 earnings per share. On average, equities research analysts forecast 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, September 15th. Shareholders of record on Friday, September 5th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, September 5th. Old National Bancorp's dividend payout ratio is 33.14%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Truist Financial upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. Barclays raised their target price on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Piper Sandler reissued an "overweight" rating and set a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. National Bankshares set a $24.00 target price on Old National Bancorp in a research note on Tuesday, May 20th. Finally, Jefferies Financial Group began coverage on Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $26.40.

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.