VIRGINIA RETIREMENT SYSTEMS ET Al Invests $830,000 in Old National Bancorp $ONB

Key Points

• The Virginia Retirement Systems invested approximately $830,000 in Old National Bancorp by purchasing 38,900 shares in the second quarter.
• Old National Bancorp has a market capitalization of $8.08 billion and a current P/E ratio of 12.06, with analysts providing an average consensus price target of $26.18.
• The company recently announced a quarterly dividend of $0.14 per share, resulting in an annualized dividend yield of 2.7%.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 38,900 shares of the bank's stock, valued at approximately $830,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in shares of Old National Bancorp during the 1st quarter worth about $22,463,000. Fuller & Thaler Asset Management Inc. raised its stake in shares of Old National Bancorp by 1.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock valued at $380,202,000 after acquiring an additional 216,188 shares in the last quarter. Invesco Ltd. raised its stake in shares of Old National Bancorp by 161.3% in the 1st quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock valued at $41,742,000 after acquiring an additional 1,216,004 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Old National Bancorp by 44.0% in the 1st quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock valued at $127,000 after acquiring an additional 1,837 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in shares of Old National Bancorp by 20.8% in the 1st 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. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Barclays set a $29.00 price objective on Old National Bancorp and gave the company an "overweight" rating in a research note on Wednesday, October 8th. Cowen assumed coverage on Old National Bancorp in a research note on Wednesday, September 24th. They issued a "hold" rating on the stock. Piper Sandler reissued an "overweight" rating and issued a $26.00 price objective (down from $27.00) on shares of Old National Bancorp in a research note on Thursday. Truist Financial cut their price objective on Old National Bancorp from $27.00 to $26.00 and set a "buy" rating on the stock in a research note on Thursday. Finally, Royal Bank Of Canada raised their price objective on Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Old National Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $26.18.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $20.62 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.91 and a debt-to-equity ratio of 0.85. The business's 50 day moving average is $21.94 and its two-hundred day moving average is $21.40. The company has a market cap of $8.08 billion, a P/E ratio of 12.06 and a beta of 0.85. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. The company had revenue of $222.80 million for the quarter. Old National Bancorp had a return on equity of 14.95% and a net margin of 17.39%. On average, equities analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently disclosed 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 2.7%. Old National Bancorp's payout ratio is currently 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.

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