Nuveen LLC Purchases New Stake in Old National Bancorp $ONB

Key Points

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Nuveen LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 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.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Mariner LLC grew its holdings in Old National Bancorp by 0.9% in the fourth quarter. Mariner LLC now owns 57,744 shares of the bank's stock valued at $1,253,000 after purchasing an additional 509 shares during the period. Baird Financial Group Inc. grew its holdings in Old National Bancorp by 2.3% in the fourth quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank's stock valued at $648,000 after purchasing an additional 675 shares during the period. Fifth Third Bancorp grew its holdings in Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after purchasing an additional 695 shares during the period. Xponance Inc. grew its holdings in Old National Bancorp by 1.7% in the first quarter. Xponance Inc. now owns 45,614 shares of the bank's stock valued at $967,000 after purchasing an additional 752 shares during the period. Finally, State of Michigan Retirement System grew its holdings in Old National Bancorp by 1.1% in the first quarter. State of Michigan Retirement System now owns 76,342 shares of the bank's stock valued at $1,618,000 after purchasing an additional 800 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ONB shares. National Bankshares set a $24.00 target price on shares of Old National Bancorp in a report on Tuesday, May 20th. Barclays boosted their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada lifted their price target 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. Piper Sandler reaffirmed an "overweight" rating and set a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Finally, Jefferies Financial Group started coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $26.40.

Old National Bancorp Stock Up 5.9%

Shares of NASDAQ ONB traded up $1.26 during trading on Friday, reaching $22.72. 3,618,650 shares of the stock were exchanged, compared to its average volume of 2,613,384. The business's 50-day moving average price is $21.64 and its 200 day moving average price is $21.45. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $8.90 billion, a price-to-earnings ratio of 13.44 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The business had revenue of $633.41 million for the quarter, compared to analysts' expectations of $622.83 million. During the same period in the previous year, the company posted $0.46 earnings per share. As a group, equities analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be given a dividend of $0.14 per share. 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 presently 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.