Uptick Partners LLC Buys New Position in Old National Bancorp $ONB

Key Points

• Uptick Partners LLC has initiated a new investment in Old National Bancorp, acquiring 20,137 shares valued at approximately $430,000 during the second quarter.
• Institutional investors now hold 83.66% of Old National Bancorp's stock, highlighting strong interest from major financial entities.
• Several analysts have set target prices for Old National Bancorp, with Barclays establishing a price objective of $29.00 and a consensus target price of $26.36, indicating a generally positive outlook.

Uptick Partners LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,137 shares of the bank's stock, valued at approximately $430,000.

Several other hedge funds have also made changes to their positions in ONB. Nuveen LLC acquired a new position in shares of Old National Bancorp in the first quarter valued at approximately $22,463,000. Fuller & Thaler Asset Management Inc. grew its stake in shares of Old National Bancorp by 1.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock worth $380,202,000 after acquiring an additional 216,188 shares in the last quarter. Invesco Ltd. grew its stake in shares of Old National Bancorp by 161.3% in the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after acquiring an additional 1,216,004 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Old National Bancorp by 44.0% during the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock worth $127,000 after acquiring an additional 1,837 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in shares of Old National Bancorp by 20.8% in the first quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank's stock valued at $1,548,000 after acquiring an additional 12,596 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ONB. Cowen began coverage on Old National Bancorp in a research note on Wednesday, September 24th. They set a "hold" rating for the company. Barclays set a $29.00 price objective on Old National Bancorp and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. TD Cowen began coverage on shares of Old National Bancorp in a report on Thursday, September 25th. They issued a "hold" rating and a $25.00 target price on the stock. Royal Bank Of Canada lifted their price target 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. Finally, Truist Financial increased their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Old National Bancorp has an average rating of "Moderate Buy" and a consensus target price of $26.36.

Old National Bancorp Stock Up 2.2%

Shares of NASDAQ:ONB opened at $21.71 on Wednesday. The company has a market capitalization of $8.51 billion, a PE ratio of 12.85 and a beta of 0.85. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49. The firm has a 50 day simple moving average of $22.02 and a 200-day simple moving average of $21.37.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The firm had revenue of $222.80 million for the quarter. On average, equities analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, September 5th were given a dividend of $0.14 per share. The ex-dividend date was Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.6%. Old National Bancorp's payout ratio is 33.14%.

About Old National Bancorp

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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