Old National Bancorp $ONB is Fuller & Thaler Asset Management Inc.'s 3rd Largest Position

Key Points

• Fuller & Thaler Asset Management Inc. has increased its stake in Old National Bancorp by 1.2%, acquiring an additional 216,188 shares and now holding a total of approximately 17.94 million shares, making it the bank's third largest shareholder.
• The bank recently reported earnings per share (EPS) of $0.53, exceeding analysts' expectations, and revealed a quarterly dividend of $0.14 per share, representing a 2.6% dividend yield.
• Analysts have set a consensus price target of $26.40 for Old National Bancorp, with ratings ranging from "hold" to "buy" by multiple research firms.

Fuller & Thaler Asset Management Inc. raised its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 1.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,942,513 shares of the bank's stock after acquiring an additional 216,188 shares during the period. Old National Bancorp makes up about 1.5% of Fuller & Thaler Asset Management Inc.'s portfolio, making the stock its 3rd biggest holding. Fuller & Thaler Asset Management Inc. owned approximately 5.61% of Old National Bancorp worth $380,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ONB. Wells Fargo & Company MN raised its holdings in Old National Bancorp by 15.1% in the 4th quarter. Wells Fargo & Company MN now owns 267,834 shares of the bank's stock valued at $5,813,000 after acquiring an additional 35,121 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Old National Bancorp during the 4th quarter worth $19,708,000. Rockefeller Capital Management L.P. acquired a new position in shares of Old National Bancorp during the 4th quarter worth $382,000. Barclays PLC raised its holdings in shares of Old National Bancorp by 3.4% during the 4th quarter. Barclays PLC now owns 867,667 shares of the bank's stock worth $18,833,000 after buying an additional 28,163 shares in the last quarter. Finally, Mariner LLC raised its holdings in shares of Old National Bancorp by 0.9% during the 4th quarter. Mariner LLC now owns 57,744 shares of the bank's stock worth $1,253,000 after buying an additional 509 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Trading Up 5.9%

Shares of NASDAQ ONB traded up $1.26 during trading on Friday, reaching $22.72. The company had a trading volume of 3,618,650 shares, compared to its average volume of 3,199,939. The company's fifty day moving average price is $21.59 and its 200-day moving average price is $21.46. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49. The stock has a market cap of $8.90 billion, a P/E ratio of 13.44 and a beta of 0.86. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, beating 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 firm had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. During the same quarter in the previous year, the company posted $0.46 EPS. As a group, research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be paid 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 of this dividend is Friday, September 5th. Old National Bancorp's payout ratio is currently 33.14%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ONB. Piper Sandler reissued an "overweight" rating and set a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Truist Financial boosted their price target on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Jefferies Financial Group began coverage on Old National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price target for the company. National Bankshares set a $24.00 price target on Old National Bancorp in a report on Tuesday, May 20th. Finally, Barclays boosted their price target on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned 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.

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.