Zimmer Partners LP Makes New $11.94 Million Investment in Old National Bancorp (NASDAQ:ONB)

Zimmer Partners LP bought a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 550,000 shares of the bank's stock, valued at approximately $11,938,000. Zimmer Partners LP owned approximately 0.17% of Old National Bancorp as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ONB. Lee Danner & Bass Inc. bought a new position in shares of Old National Bancorp during the 4th quarter valued at approximately $25,000. Empowered Funds LLC purchased a new stake in shares of Old National Bancorp during the 4th quarter worth approximately $28,000. UMB Bank n.a. increased its stake in shares of Old National Bancorp by 58.9% during the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock worth $39,000 after purchasing an additional 663 shares during the last quarter. Bank of Jackson Hole Trust purchased a new stake in shares of Old National Bancorp during the 4th quarter worth approximately $65,000. Finally, Allworth Financial LP increased its stake in shares of Old National Bancorp by 150.5% during the 4th quarter. Allworth Financial LP now owns 3,507 shares of the bank's stock worth $82,000 after purchasing an additional 2,107 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ONB has been the subject of several research analyst reports. Barclays decreased their price target on shares of Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. 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 for the company in a research note on Wednesday, April 23rd. StockNews.com upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. Truist Financial initiated coverage on shares of Old National Bancorp in a research note on Tuesday, May 13th. They set a "buy" rating and a $26.00 price target for the company. Finally, Citigroup decreased their price target on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Old National Bancorp presently has an average rating of "Buy" and an average target price of $25.67.

Old National Bancorp Stock Down 0.9%

Old National Bancorp stock opened at $21.93 on Tuesday. Old National Bancorp has a 1-year low of $15.60 and a 1-year high of $24.49. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of 13.05 and a beta of 0.85. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The firm has a 50 day simple moving average of $20.57 and a 200 day simple moving average of $21.81.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.03. The business had revenue of $486.87 million during the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. On average, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Thursday, June 5th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.55%. Old National Bancorp's dividend payout ratio (DPR) is currently 32.56%.

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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