Old National Bancorp (NASDAQ:ONB) Stake Raised by Millennium Management LLC

Millennium Management LLC boosted its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 10,795.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,795,942 shares of the bank's stock after buying an additional 4,751,923 shares during the quarter. Millennium Management LLC owned approximately 1.50% of Old National Bancorp worth $104,096,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ONB. Lee Danner & Bass Inc. acquired a new position in shares of Old National Bancorp in the 4th quarter valued at about $25,000. Empowered Funds LLC bought a new position in Old National Bancorp in the fourth quarter worth about $28,000. UMB Bank n.a. boosted its stake in Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock valued at $39,000 after acquiring an additional 663 shares during the period. Bank of Jackson Hole Trust bought a new position in shares of Old National Bancorp during the fourth quarter valued at approximately $65,000. Finally, Allworth Financial LP grew 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 purchasing an additional 2,107 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

ONB has been the topic of several recent research reports. Raymond James cut their price target on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 2nd. Citigroup cut their target price on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Stephens reissued an "overweight" rating and set a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Barclays dropped their price objective on shares of Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Truist Financial assumed coverage on shares of Old National Bancorp in a research note on Tuesday, May 13th. They set a "buy" rating and a $26.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Old National Bancorp presently has an average rating of "Buy" and an average target price of $25.67.

Old National Bancorp Stock Performance

Shares of ONB traded down $0.19 during trading hours on Friday, reaching $22.13. 4,725,324 shares of the company's stock traded hands, compared to its average volume of 2,536,105. Old National Bancorp has a twelve month low of $15.60 and a twelve month high of $24.49. The business's fifty day simple moving average is $20.54 and its two-hundred day simple moving average is $21.77. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of 13.17 and a beta of 0.85.

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

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be paid 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 2.53%. Old National Bancorp's dividend payout ratio is presently 32.56%.

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.