Retirement Systems of Alabama Raises Stock Position in Old National Bancorp (NASDAQ:ONB)

Retirement Systems of Alabama boosted its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 131.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 895,841 shares of the bank's stock after buying an additional 507,996 shares during the period. Retirement Systems of Alabama owned approximately 0.28% of Old National Bancorp worth $18,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Old National Bancorp by 26.0% in the first quarter. Blue Trust Inc. now owns 11,930 shares of the bank's stock valued at $253,000 after acquiring an additional 2,460 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Old National Bancorp by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 37,363 shares of the bank's stock valued at $791,000 after purchasing an additional 995 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in Old National Bancorp by 10.1% in the 1st quarter. QRG Capital Management Inc. now owns 35,332 shares of the bank's stock valued at $749,000 after purchasing an additional 3,239 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Old National Bancorp by 17.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 23,009 shares of the bank's stock worth $488,000 after purchasing an additional 3,366 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC purchased a new stake in shares of Old National Bancorp during the first quarter worth $554,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Trading Down 0.5%

NASDAQ:ONB traded down $0.11 on Wednesday, reaching $21.05. The company's stock had a trading volume of 2,619,986 shares, compared to its average volume of 2,723,066. Old National Bancorp has a 12-month low of $16.30 and a 12-month high of $24.49. The stock has a 50 day moving average price of $20.95 and a 200 day moving average price of $21.61. The firm has a market cap of $6.73 billion, a price-to-earnings ratio of 12.24 and a beta of 0.86. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) 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 the consensus estimate of $478.37 million. Old National Bancorp had a return on equity of 9.98% and a net margin of 18.74%. On average, equities analysts anticipate 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 was paid on Monday, June 16th. Investors of record on Thursday, June 5th were issued a $0.14 dividend. The ex-dividend date was Thursday, June 5th. This represents a $0.56 annualized dividend and a yield of 2.66%. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ONB shares. Royal Bank Of Canada decreased their price target on shares of Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. National Bankshares set a $24.00 price target on Old National Bancorp in a research report on Tuesday, May 20th. Barclays cut their price target on Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Truist Financial assumed coverage on Old National Bancorp in a research note on Tuesday, May 13th. They set a "buy" rating and a $26.00 price objective on the stock. Finally, Stephens reaffirmed an "overweight" rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Monday, April 14th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $25.90.

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.