AlphaQuest LLC Grows Stock Position in Old National Bancorp $ONB

Key Points

• AlphaQuest LLC sharply boosted its stake in Old National Bancorp by 158.6% in the fourth quarter, ending with 90,405 shares worth about $2.0 million.
• Wall Street remains constructive on ONB, with eight Buy ratings and three Hold ratings, and a consensus Moderate Buy target price of $27.91.
• Old National Bancorp posted solid quarterly results, beating EPS estimates at $0.61 and announcing a quarterly dividend of $0.145 per share, implying a 2.4% yield.

AlphaQuest LLC increased its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 158.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,405 shares of the bank's stock after buying an additional 55,440 shares during the period. AlphaQuest LLC's holdings in Old National Bancorp were worth $2,017,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ONB. MAI Capital Management boosted its position in shares of Old National Bancorp by 156.8% in the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank's stock worth $25,000 after buying an additional 704 shares in the last quarter. Covestor Ltd boosted its position in shares of Old National Bancorp by 157.0% in the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank's stock worth $27,000 after buying an additional 755 shares in the last quarter. Rothschild Investment LLC boosted its position in shares of Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank's stock worth $28,000 after buying an additional 535 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of Old National Bancorp in the 4th quarter worth about $28,000. Finally, JFS Wealth Advisors LLC boosted its position in shares of Old National Bancorp by 811.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank's stock worth $36,000 after buying an additional 1,428 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Truist Financial upped their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Stephens upped their target price on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an "overweight" rating in a report on Thursday, April 23rd. UBS Group restated a "neutral" rating and issued a $26.00 target price on shares of Old National Bancorp in a report on Wednesday, February 4th. Jefferies Financial Group upped their target price on shares of Old National Bancorp from $23.00 to $25.00 and gave the company a "hold" rating in a report on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods upped their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $27.91.

Old National Bancorp Trading Up 1.3%

Shares of ONB stock opened at $24.26 on Wednesday. The firm has a market cap of $9.37 billion, a P/E ratio of 12.51 and a beta of 0.85. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $26.17. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93. The firm's 50-day simple moving average is $23.10 and its 200-day simple moving average is $23.03.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. The business had revenue of $702.70 million for the quarter, compared to analyst estimates of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The company's revenue was up 44.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. As a group, equities analysts forecast that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, June 5th. Old National Bancorp's dividend payout ratio is presently 29.90%.

Old National Bancorp Profile

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

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