Nuveen LLC Acquires New Holdings in Old National Bancorp $ONB

Key Points

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Nuveen LLC acquired a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,060,085 shares of the bank's stock, valued at approximately $22,463,000. Nuveen LLC owned approximately 0.33% of Old National Bancorp at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Invesco Ltd. increased its position in shares of Old National Bancorp by 161.3% during the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after acquiring an additional 1,216,004 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Old National Bancorp by 44.0% during the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock worth $127,000 after acquiring an additional 1,837 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Old National Bancorp by 20.8% during the first quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank's stock worth $1,548,000 after acquiring an additional 12,596 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Old National Bancorp by 17.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 23,009 shares of the bank's stock worth $488,000 after acquiring an additional 3,366 shares during the last quarter. Finally, KBC Group NV increased its position in shares of Old National Bancorp by 15.5% during the first quarter. KBC Group NV now owns 15,098 shares of the bank's stock worth $320,000 after acquiring an additional 2,031 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ONB has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 target price on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $27.00 target price (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Truist Financial lifted their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. National Bankshares set a $24.00 price objective on Old National Bancorp in a report on Tuesday, May 20th. Finally, Royal Bank Of Canada boosted their price objective on Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $26.40.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock traded up $1.26 during trading hours on Friday, reaching $22.72. The company's stock had a trading volume of 3,618,650 shares, compared to its average volume of 2,613,384. The company's 50 day simple moving average is $21.64 and its 200 day simple moving average is $21.43. 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 one year low of $16.83 and a one year 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.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly 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. The company had revenue of $633.41 million for the quarter, compared to the consensus estimate of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. During the same period last year, the firm posted $0.46 EPS. As a group, analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

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

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.