Point72 Asset Management L.P. Sells 622,185 Shares of Old National Bancorp (NASDAQ:ONB)

Point72 Asset Management L.P. decreased its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 94.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,926 shares of the bank's stock after selling 622,185 shares during the quarter. Point72 Asset Management L.P.'s holdings in Old National Bancorp were worth $736,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ONB. Sanctuary Advisors LLC raised its stake in Old National Bancorp by 1.4% during the fourth quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank's stock worth $762,000 after buying an additional 432 shares during the last quarter. Mariner LLC grew its stake in Old National Bancorp by 0.9% during the fourth quarter. Mariner LLC now owns 57,744 shares of the bank's stock worth $1,253,000 after purchasing an additional 509 shares during the period. Covestor Ltd increased its holdings in Old National Bancorp by 13.6% in the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank's stock worth $95,000 after purchasing an additional 524 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in Old National Bancorp by 3.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 16,744 shares of the bank's stock valued at $356,000 after buying an additional 615 shares during the period. Finally, UMB Bank n.a. lifted its stake in Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock valued at $39,000 after buying an additional 663 shares during the period. Institutional investors own 83.66% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Barclays dropped their target price on shares of Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Raymond James decreased their price target on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 2nd. Citigroup dropped their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Truist Financial began coverage on shares of Old National Bancorp in a research report on Tuesday, May 13th. They set a "buy" rating and a $26.00 target price for the company. Finally, Jefferies Financial Group started coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price on the stock. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $25.36.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB traded down $0.34 during midday trading on Wednesday, reaching $21.15. The company's stock had a trading volume of 550,329 shares, compared to its average volume of 2,645,787. The stock has a market capitalization of $6.76 billion, a P/E ratio of 12.60 and a beta of 0.85. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a 50 day moving average price of $20.55 and a 200-day moving average price of $21.81. Old National Bancorp has a 12-month low of $15.60 and a 12-month high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. The business had revenue of $486.87 million for the quarter, compared to analysts' expectations of $478.37 million. As a group, equities analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be issued a $0.14 dividend. The ex-dividend date is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.65%. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

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.