AQR Capital Management LLC Acquires 11,925 Shares of Old National Bancorp $ONB

Key Points

• AQR Capital Management LLC increased its stake in Old National Bancorp by 3.6%, purchasing an additional 11,925 shares to bring its total holdings to 344,919 shares valued at approximately $7.2 million.
• Several other hedge funds also adjusted their positions, indicating significant investor interest, with institutional investors now owning about 83.66% of Old National Bancorp's stock.
• Old National Bancorp recently announced a quarterly dividend of $0.14 per share, with a payout ratio of 33.14% and an annual yield of 2.5%.

AQR Capital Management LLC lifted its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 3.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 344,919 shares of the bank's stock after buying an additional 11,925 shares during the quarter. AQR Capital Management LLC owned about 0.11% of Old National Bancorp worth $7,205,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Baird Financial Group Inc. increased its holdings in shares of Old National Bancorp by 2.3% in the fourth quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank's stock valued at $648,000 after purchasing an additional 675 shares in the last quarter. Fifth Third Bancorp boosted its position in Old National Bancorp by 21.9% in the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after buying an additional 695 shares during the last quarter. Xponance Inc. increased its stake in shares of Old National Bancorp by 1.7% in the 1st quarter. Xponance Inc. now owns 45,614 shares of the bank's stock valued at $967,000 after buying an additional 752 shares during the period. State of Michigan Retirement System raised its position in shares of Old National Bancorp by 1.1% during the first quarter. State of Michigan Retirement System now owns 76,342 shares of the bank's stock worth $1,618,000 after acquiring an additional 800 shares during the last quarter. Finally, CWM LLC lifted its stake in shares of Old National Bancorp by 1.0% during the first quarter. CWM LLC now owns 90,600 shares of the bank's stock valued at $1,920,000 after acquiring an additional 874 shares during the period. Institutional investors own 83.66% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on ONB shares. National Bankshares set a $24.00 price objective on Old National Bancorp in a report on Tuesday, May 20th. Piper Sandler reiterated an "overweight" rating and set a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Truist Financial boosted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Barclays raised their price objective on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada raised their price target on Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $26.40.

Old National Bancorp Stock Down 2.7%

NASDAQ ONB traded down $0.61 during trading hours on Monday, reaching $22.05. 3,473,337 shares of the company's stock were exchanged, compared to its average volume of 3,178,073. The company's 50-day moving average is $22.12 and its two-hundred day moving average is $21.30. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The company has a market capitalization of $8.64 billion, a price-to-earnings ratio of 13.05 and a beta of 0.89.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, topping 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 firm had revenue of $633.41 million during the quarter, compared to analyst estimates of $622.83 million. During the same period in the prior year, the business earned $0.46 EPS. On average, 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 disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. Old National Bancorp's dividend payout ratio (DPR) is presently 33.14%.

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.