AQR Capital Management LLC Buys 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 increased its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 3.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 344,919 shares of the bank's stock after buying an additional 11,925 shares during the quarter. AQR Capital Management LLC owned 0.11% of Old National Bancorp worth $7,205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Old National Bancorp Trading Up 0.9%

Shares of ONB stock traded up $0.19 during trading hours on Wednesday, hitting $21.98. 3,235,469 shares of the company were exchanged, compared to its average volume of 2,748,356. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49. The company has a 50 day simple moving average of $22.06 and a two-hundred day simple moving average of $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. The firm has a market cap of $8.61 billion, a P/E ratio of 13.01 and a beta of 0.89.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.02. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.The company had revenue of $633.41 million for the quarter, compared to analysts' expectations of $622.83 million. During the same period last year, the business earned $0.46 EPS. Equities analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is currently 33.14%.

Analysts Set New Price Targets

ONB has been the subject of a number of recent analyst reports. Barclays increased their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada increased their target price on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 23rd. Truist Financial increased their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Jefferies Financial Group initiated coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 target price for the company. Finally, Piper Sandler reissued an "overweight" rating and set a $27.00 target price (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Old National Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $26.40.

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.