Old National Bancorp $ONB Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC raised its stake in Old National Bancorp (NASDAQ:ONB) by 4.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,133 shares of the bank’s stock after purchasing an additional 1,124 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Old National Bancorp were worth $549,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. raised its position in Old National Bancorp by 1.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank’s stock valued at $380,202,000 after purchasing an additional 216,188 shares during the period. Dimensional Fund Advisors LP raised its position in Old National Bancorp by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank’s stock valued at $366,370,000 after purchasing an additional 183,850 shares during the period. The Manufacturers Life Insurance Company raised its position in Old National Bancorp by 17.1% in the first quarter. The Manufacturers Life Insurance Company now owns 3,557,437 shares of the bank’s stock valued at $75,382,000 after purchasing an additional 520,528 shares during the period. Goldman Sachs Group Inc. raised its position in Old National Bancorp by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock valued at $60,263,000 after purchasing an additional 215,203 shares during the period. Finally, Brown Advisory Inc. raised its position in Old National Bancorp by 1.4% in the first quarter. Brown Advisory Inc. now owns 2,770,907 shares of the bank’s stock valued at $58,716,000 after purchasing an additional 37,803 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Up 2.2%

Shares of Old National Bancorp stock opened at $22.18 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The firm has a market cap of $8.69 billion, a P/E ratio of 13.12 and a beta of 0.85. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49. The business has a 50-day moving average price of $21.93 and a 200 day moving average price of $21.36.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.02. The firm had revenue of $633.41 million during 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. On average, sell-side analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, September 5th. Old National Bancorp’s payout ratio is currently 33.14%.

Wall Street Analyst Weigh In

ONB has been the topic of several research reports. Piper Sandler reissued an “overweight” rating and issued a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Royal Bank Of Canada boosted their price target on Old National Bancorp from $23.00 to $24.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 23rd. TD Cowen assumed coverage on Old National Bancorp in a research note on Thursday, September 25th. They issued a “hold” rating and a $25.00 price target on the stock. Barclays boosted their price target on Old National Bancorp from $25.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Old National Bancorp in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $26.27.

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.