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

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new stake in Old National Bancorp in the first quarter valued at approximately $22,463,000. Fuller & Thaler Asset Management Inc. lifted its stake in Old National Bancorp by 1.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock valued at $380,202,000 after buying an additional 216,188 shares during the last quarter. Invesco Ltd. lifted its stake in Old National Bancorp by 161.3% in the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock valued at $41,742,000 after buying an additional 1,216,004 shares during the last quarter. GAMMA Investing LLC lifted its stake in Old National Bancorp by 44.0% in the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock valued at $127,000 after buying an additional 1,837 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Old National Bancorp by 20.8% in the first quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank's stock valued at $1,548,000 after buying an additional 12,596 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

NASDAQ:ONB traded down $0.61 during trading hours on Monday, hitting $22.05. The company's stock had a trading volume of 3,474,537 shares, compared to its average volume of 2,670,067. The business's 50-day moving average is $22.11 and its two-hundred day moving average is $21.29. The company has a market capitalization of $8.64 billion, a PE ratio of 13.05 and a beta of 0.89. 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 52-week low of $16.83 and a 52-week high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. The firm 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 in the prior year, the business posted $0.46 earnings per share. As a group, research analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.5%. Old National Bancorp's dividend payout ratio is 33.14%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ONB. Truist Financial upped their price target on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Jefferies Financial Group began coverage on Old National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $24.00 price target for the company. Piper Sandler restated an "overweight" rating and set a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Barclays upped their price target on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, National Bankshares set a $24.00 price target on Old National Bancorp in a research note on Tuesday, May 20th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $26.40.

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.