Old National Bancorp $ONB Shares Bought by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in Old National Bancorp by 31.2%, acquiring a total of 206,655 shares, valued at approximately $4.38 million as of the latest SEC filing.
• Old National Bancorp announced a quarterly dividend of $0.14 per share, which will be paid on September 15th, giving an annualized yield of 2.5%.
• Analysts have recently set new price targets for Old National Bancorp, with an average target price of $26.40 and a consensus rating of "Moderate Buy".

Intech Investment Management LLC increased its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 31.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 206,655 shares of the bank's stock after purchasing an additional 49,110 shares during the quarter. Intech Investment Management LLC owned approximately 0.06% of Old National Bancorp worth $4,379,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in shares of Old National Bancorp during the first quarter valued at about $32,000. USA Financial Formulas purchased a new stake in Old National Bancorp during the first quarter valued at approximately $50,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Old National Bancorp during the first quarter valued at approximately $51,000. Fifth Third Bancorp lifted its position in Old National Bancorp by 21.9% during the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after acquiring an additional 695 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in Old National Bancorp by 122.3% during the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after acquiring an additional 2,187 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ONB. Truist Financial increased their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. Piper Sandler reiterated an "overweight" rating and issued a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Barclays increased their price target on Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada increased their price objective 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. Finally, Jefferies Financial Group began coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective for the company. One equities research 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Trading Up 1.8%

Old National Bancorp stock traded up $0.39 during midday trading on Thursday, reaching $22.37. 732,028 shares of the stock traded hands, compared to its average volume of 3,159,863. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The firm has a market cap of $8.77 billion, a PE ratio of 13.23 and a beta of 0.89. The company has a 50-day simple moving average of $22.06 and a two-hundred day simple moving average of $21.30.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.02. The business had revenue of $633.41 million during the quarter, compared to analysts' expectations of $622.83 million. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.During the same quarter last year, the business posted $0.46 EPS. Research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were given a $0.14 dividend. The ex-dividend date was Friday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.5%. Old National Bancorp's dividend payout ratio is presently 33.14%.

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.