Allspring Global Investments Holdings LLC Acquires 234,102 Shares of Old National Bancorp (NASDAQ:ONB)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 13.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,930,876 shares of the bank's stock after purchasing an additional 234,102 shares during the period. Allspring Global Investments Holdings LLC owned 0.61% of Old National Bancorp worth $40,587,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ONB. Bank of New York Mellon Corp lifted its holdings in Old National Bancorp by 11.6% in the fourth quarter. Bank of New York Mellon Corp now owns 3,394,365 shares of the bank's stock valued at $73,675,000 after buying an additional 352,116 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Old National Bancorp by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,677,013 shares of the bank's stock valued at $79,810,000 after purchasing an additional 47,149 shares during the period. Keybank National Association OH boosted its position in shares of Old National Bancorp by 2.9% in the 4th quarter. Keybank National Association OH now owns 42,645 shares of the bank's stock worth $926,000 after purchasing an additional 1,189 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Old National Bancorp by 4.5% in the 4th quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank's stock worth $163,899,000 after purchasing an additional 326,135 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Old National Bancorp by 0.8% during the fourth quarter. Arizona State Retirement System now owns 92,571 shares of the bank's stock worth $2,009,000 after purchasing an additional 725 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Down 5.6%

Shares of NASDAQ:ONB traded down $1.25 during mid-day trading on Friday, reaching $21.25. 1,718,442 shares of the stock were exchanged, compared to its average volume of 2,768,270. The stock's 50 day simple moving average is $21.20 and its 200-day simple moving average is $21.55. Old National Bancorp has a one year low of $16.50 and a one year high of $24.49. The company has a market cap of $6.79 billion, a P/E ratio of 12.35 and a beta of 0.85. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.03. The company had revenue of $486.87 million during the quarter, compared to analysts' expectations of $478.37 million. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. As a group, equities research analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Thursday, June 5th were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 annualized dividend and a yield of 2.64%. Old National Bancorp's payout ratio is currently 32.56%.

Analyst Ratings Changes

ONB has been the topic of a number of recent analyst reports. Barclays reduced their target price on Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Raymond James Financial reduced their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, April 2nd. Stephens reaffirmed an "overweight" rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Monday, April 14th. Truist Financial assumed coverage on shares of Old National Bancorp in a research report on Tuesday, May 13th. They set a "buy" rating and a $26.00 price target on the stock. Finally, National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Old National Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $25.90.

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.