Retirement Systems of Alabama raised its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 131.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 895,841 shares of the bank's stock after purchasing an additional 507,996 shares during the period. Retirement Systems of Alabama owned 0.28% of Old National Bancorp worth $18,983,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ONB. Lee Danner & Bass Inc. bought a new position in Old National Bancorp in the fourth quarter worth $25,000. Empowered Funds LLC bought a new position in Old National Bancorp in the fourth quarter worth $28,000. USA Financial Formulas bought a new position in Old National Bancorp in the first quarter worth $50,000. Allworth Financial LP lifted its holdings in shares of Old National Bancorp by 150.5% during the fourth quarter. Allworth Financial LP now owns 3,507 shares of the bank's stock valued at $82,000 after acquiring an additional 2,107 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in shares of Old National Bancorp by 21.9% during the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after acquiring an additional 695 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.
Wall Street Analyst Weigh In
ONB has been the subject of a number of analyst reports. Citigroup cut their price objective on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Wall Street Zen raised Old National Bancorp from a "sell" rating to a "hold" rating in a report on Wednesday, April 23rd. Raymond James Financial cut their price objective on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 2nd. Barclays cut their price objective 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. Finally, Royal Bank Of Canada cut their price objective on Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Old National Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.90.
Read Our Latest Research Report on Old National Bancorp
Old National Bancorp Trading Up 0.3%
ONB stock traded up $0.06 during midday trading on Friday, reaching $20.52. The stock had a trading volume of 4,641,519 shares, compared to its average volume of 2,711,575. The business has a fifty day simple moving average of $20.88 and a two-hundred day simple moving average of $21.62. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82. The firm has a market cap of $6.56 billion, a price-to-earnings ratio of 11.93 and a beta of 0.86. Old National Bancorp has a twelve month low of $16.30 and a twelve month high of $24.49.
Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.03. Old National Bancorp had a return on equity of 9.98% and a net margin of 18.74%. The business had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. As a group, research analysts expect 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. Stockholders of record on Thursday, June 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.73%. Old National Bancorp's payout ratio is currently 32.56%.
About Old National Bancorp
(
Free Report)
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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