GAMMA Investing LLC Grows Stock Position in Old National Bancorp (NASDAQ:ONB)

GAMMA Investing LLC grew its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 2,952.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 127,331 shares of the bank's stock after acquiring an additional 123,159 shares during the quarter. GAMMA Investing LLC's holdings in Old National Bancorp were worth $2,698,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Old National Bancorp by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank's stock valued at $736,261,000 after acquiring an additional 290,005 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Old National Bancorp by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank's stock valued at $371,294,000 after purchasing an additional 132,002 shares during the period. Wellington Management Group LLP increased its position in Old National Bancorp by 923.4% during the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock valued at $189,374,000 after purchasing an additional 7,872,318 shares during the period. Victory Capital Management Inc. increased its position in shares of Old National Bancorp by 4.5% during the fourth quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank's stock worth $163,899,000 after buying an additional 326,135 shares during the period. Finally, William Blair Investment Management LLC lifted its holdings in Old National Bancorp by 172.1% in the fourth quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank's stock valued at $119,236,000 after buying an additional 3,474,578 shares during the period. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Stock Performance

Shares of ONB stock traded down $0.54 on Friday, hitting $20.42. 2,584,985 shares of the stock were exchanged, compared to its average volume of 2,692,478. The firm's 50 day moving average is $20.67 and its two-hundred day moving average is $21.75. Old National Bancorp has a one year low of $15.60 and a one year high of $24.49. The firm has a market capitalization of $6.53 billion, a PE ratio of 12.15 and a beta of 0.86. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. The company had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. Sell-side analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.74%. Old National Bancorp's payout ratio is 32.56%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ONB. Royal Bank of Canada cut their price objective on shares of Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. National Bankshares set a $24.00 target price on Old National Bancorp in a report on Tuesday, May 20th. Truist Financial initiated coverage on shares of Old National Bancorp in a report on Tuesday, May 13th. They set a "buy" rating and a $26.00 price objective on the stock. Barclays decreased their target price on shares of Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Jefferies Financial Group started coverage on Old National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Old National Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.90.

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.