GAMMA Investing LLC Increases Stake in Old National Bancorp (NASDAQ:ONB)

GAMMA Investing LLC raised its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 44.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,009 shares of the bank’s stock after buying an additional 1,837 shares during the period. GAMMA Investing LLC’s holdings in Old National Bancorp were worth $127,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Mariner LLC grew its stake in shares of Old National Bancorp by 0.9% during the 4th quarter. Mariner LLC now owns 57,744 shares of the bank’s stock valued at $1,253,000 after acquiring an additional 509 shares during the period. Covestor Ltd grew its stake in shares of Old National Bancorp by 13.6% during the 4th quarter. Covestor Ltd now owns 4,365 shares of the bank’s stock valued at $95,000 after acquiring an additional 524 shares during the period. CIBC Private Wealth Group LLC grew its stake in shares of Old National Bancorp by 3.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 16,744 shares of the bank’s stock valued at $356,000 after acquiring an additional 615 shares during the period. Baird Financial Group Inc. grew its stake in shares of Old National Bancorp by 2.3% during the 4th quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank’s stock valued at $648,000 after acquiring an additional 675 shares during the period. Finally, Arizona State Retirement System grew its stake in shares of Old National Bancorp by 0.8% during the 4th quarter. Arizona State Retirement System now owns 92,571 shares of the bank’s stock valued at $2,009,000 after acquiring an additional 725 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONB has been the topic of a number of research analyst reports. Stephens reissued an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Truist Financial initiated coverage on Old National Bancorp in a report on Tuesday, May 13th. They issued a “buy” rating and a $26.00 price target on the stock. Jefferies Financial Group initiated coverage on Old National Bancorp in a report on Wednesday, May 21st. They issued a “hold” rating and a $24.00 price target on the stock. Royal Bank Of Canada lowered their price target on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Finally, Citigroup lowered their price target on Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $25.90.

Old National Bancorp Stock Down 5.6%

Shares of ONB opened at $21.25 on Friday. The stock has a market capitalization of $6.79 billion, a price-to-earnings ratio of 12.35 and a beta of 0.85. Old National Bancorp has a 1 year low of $16.50 and a 1 year high of $24.49. The business’s 50 day simple moving average is $21.20 and its 200-day simple moving average is $21.55. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data 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. The business had revenue of $486.87 million for the quarter, compared to analysts’ expectations of $478.37 million. Old National Bancorp had a return on equity of 9.98% and a net margin of 18.74%. As a group, equities analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were issued a dividend of $0.14 per share. The ex-dividend date was Thursday, June 5th. This represents a $0.56 annualized dividend and a yield of 2.64%. Old National Bancorp’s payout ratio is presently 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.