Point72 Asset Management L.P. Trims Stock Position in Old National Bancorp (NASDAQ:ONB)

Point72 Asset Management L.P. lowered 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 Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,926 shares of the bank's stock after selling 622,185 shares during the period. 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 also recently bought and sold shares of the company. Sanctuary Advisors LLC grew 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 valued at $762,000 after acquiring an additional 432 shares in 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 valued at $1,253,000 after acquiring an additional 509 shares in the last quarter. Covestor Ltd grew its stake in Old National Bancorp by 13.6% during the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank's stock valued at $95,000 after acquiring an additional 524 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Old National Bancorp by 3.8% during the fourth quarter. CIBC Private Wealth Group LLC now owns 16,744 shares of the bank's stock valued at $356,000 after acquiring an additional 615 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in Old National Bancorp by 58.9% during the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock valued at $39,000 after acquiring an additional 663 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Old National Bancorp Trading Up 0.4%

Shares of ONB opened at $20.75 on Friday. The firm has a market cap of $6.63 billion, a price-to-earnings ratio of 12.35 and a beta of 0.85. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. Old National Bancorp has a fifty-two week low of $15.60 and a fifty-two week high of $24.49. The firm has a 50 day moving average price of $20.58 and a 200-day moving average price of $21.81.

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

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Thursday, June 5th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.70%. Old National Bancorp's payout ratio is 32.56%.

Analysts Set New Price Targets

Several brokerages have issued reports on ONB. Wall Street Zen upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Jefferies Financial Group began coverage on shares of Old National Bancorp in a research report on Wednesday. They set a "hold" rating and a $24.00 target price for the company. Raymond James dropped their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 2nd. Stephens reiterated an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Monday, April 14th. Finally, 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. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $25.50.

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.

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