Rafferty Asset Management LLC Acquires 82,654 Shares of Old National Bancorp $ONB

Key Points

• Rafferty Asset Management LLC has increased its position in Old National Bancorp by 22.5%, owning 449,606 shares valued at approximately $9.5 million as of the latest filing with the SEC.
• Other hedge funds have also significantly raised their stakes, with Millennium Management increasing its position by an astonishing 10,795.2%, acquiring nearly 4.8 million shares in the fourth quarter.
• The bank's recent earnings report showed an EPS of $0.53, exceeding analysts' expectations, and the firm announced a quarterly dividend of $0.14, indicating a 2.4% dividend yield.

Rafferty Asset Management LLC boosted its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 22.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 449,606 shares of the bank's stock after acquiring an additional 82,654 shares during the period. Rafferty Asset Management LLC owned 0.14% of Old National Bancorp worth $9,527,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ONB. Summit Securities Group LLC purchased a new position in shares of Old National Bancorp in the 1st quarter worth $32,000. USA Financial Formulas purchased a new position in shares of Old National Bancorp in the 1st quarter worth $50,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Old National Bancorp in the 1st quarter worth $51,000. Fifth Third Bancorp grew its stake in shares of Old National Bancorp by 21.9% in the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after buying an additional 695 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in shares of Old National Bancorp by 122.3% in the 1st quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock worth $84,000 after buying an additional 2,187 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on ONB shares. Royal Bank Of Canada lifted their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research note 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 note on Wednesday, July 23rd. Truist Financial lifted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a research note on Tuesday, May 20th. Finally, Barclays lifted their price target on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. One equities research 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 company's stock. Based on data from MarketBeat, Old National Bancorp presently has an average rating of "Moderate Buy" and an average price target of $26.40.

Old National Bancorp Trading Up 0.5%

ONB traded up $0.12 on Monday, reaching $22.89. 2,642,157 shares of the company traded hands, compared to its average volume of 2,571,754. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The firm has a fifty day simple moving average of $21.87 and a two-hundred day simple moving average of $21.37. The company has a market cap of $8.97 billion, a P/E ratio of 13.54 and a beta of 0.89. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, beating 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 company had revenue of $633.41 million during the quarter, compared to analyst estimates of $622.83 million. During the same quarter last year, the business posted $0.46 EPS. As a group, equities research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. Old National Bancorp's dividend payout ratio (DPR) 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.