HighTower Advisors LLC Boosts Stake in Old National Bancorp $ONB

HighTower Advisors LLC grew its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 27.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,219 shares of the bank’s stock after purchasing an additional 4,560 shares during the quarter. HighTower Advisors LLC’s holdings in Old National Bancorp were worth $450,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Stifel Financial Corp raised its position in shares of Old National Bancorp by 16.9% in the 4th quarter. Stifel Financial Corp now owns 62,670 shares of the bank’s stock worth $1,360,000 after buying an additional 9,076 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Old National Bancorp by 10.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 220,596 shares of the bank’s stock worth $4,787,000 after buying an additional 21,330 shares during the period. Northern Trust Corp raised its position in shares of Old National Bancorp by 17.6% in the 4th quarter. Northern Trust Corp now owns 4,277,530 shares of the bank’s stock worth $92,844,000 after buying an additional 641,055 shares during the period. Schonfeld Strategic Advisors LLC raised its position in shares of Old National Bancorp by 108.5% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 47,426 shares of the bank’s stock worth $1,029,000 after buying an additional 24,682 shares during the period. Finally, Basswood Capital Management L.L.C. raised its position in shares of Old National Bancorp by 129.4% in the 4th quarter. Basswood Capital Management L.L.C. now owns 1,173,763 shares of the bank’s stock worth $25,477,000 after buying an additional 662,106 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Up 0.5%

Shares of NASDAQ ONB opened at $22.89 on Monday. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The firm has a market cap of $8.97 billion, a price-to-earnings ratio of 13.54 and a beta of 0.89. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. The stock’s 50-day simple moving average is $21.87 and its 200-day simple moving average is $21.37.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. The business had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.During the same period in the previous year, the company earned $0.46 earnings per share. As a group, equities analysts anticipate 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 announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, September 5th. Old National Bancorp’s payout ratio is presently 33.14%.

Wall Street Analyst Weigh In

ONB has been the topic of several research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 target price (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Royal Bank Of Canada increased their price target on Old National Bancorp from $23.00 to $24.00 and gave the company a “sector perform” rating in a report on Wednesday, July 23rd. Barclays increased their price target on Old National Bancorp from $25.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Jefferies Financial Group started coverage on Old National Bancorp in a report on Wednesday, May 21st. They issued a “hold” rating and a $24.00 price target for the company. Finally, National Bankshares set a $24.00 price target on Old National Bancorp in a report on Tuesday, May 20th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.40.

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.