Old National Bancorp $ONB Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Old National Bancorp (NASDAQ:ONB) by 5.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 786,469 shares of the bank’s stock after acquiring an additional 39,892 shares during the quarter. Principal Financial Group Inc. owned approximately 0.20% of Old National Bancorp worth $17,263,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of ONB. Thrivent Financial for Lutherans increased its holdings in shares of Old National Bancorp by 7.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 2,799,932 shares of the bank’s stock valued at $61,459,000 after purchasing an additional 204,788 shares in the last quarter. Arizona State Retirement System grew its position in Old National Bancorp by 12.0% during the third quarter. Arizona State Retirement System now owns 104,330 shares of the bank’s stock valued at $2,290,000 after buying an additional 11,185 shares during the period. AE Wealth Management LLC increased its holdings in Old National Bancorp by 10.0% in the third quarter. AE Wealth Management LLC now owns 36,043 shares of the bank’s stock valued at $791,000 after buying an additional 3,262 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Old National Bancorp by 1.0% in the third quarter. New York State Common Retirement Fund now owns 957,351 shares of the bank’s stock valued at $21,014,000 after buying an additional 9,500 shares in the last quarter. Finally, Algebris UK Ltd. acquired a new position in shares of Old National Bancorp in the third quarter worth about $25,622,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $25.67 on Tuesday. The company has a market cap of $10.03 billion, a PE ratio of 14.34 and a beta of 0.84. The stock’s 50 day simple moving average is $23.35 and its 200-day simple moving average is $22.14. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $26.17. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.93 and a quick ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, topping the consensus estimate of $0.59 by $0.03. Old National Bancorp had a return on equity of 15.06% and a net margin of 17.91%.The firm had revenue of $714.50 million during the quarter, compared to analysts’ expectations of $705.62 million. During the same period in the previous year, the business earned $0.49 earnings per share. As a group, equities research analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, December 5th were issued a $0.14 dividend. The ex-dividend date was Friday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.2%. Old National Bancorp’s dividend payout ratio is presently 31.28%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Truist Financial raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Stephens increased their price target on Old National Bancorp from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Thursday, January 22nd. UBS Group reissued a “neutral” rating and issued a $26.00 price objective on shares of Old National Bancorp in a report on Wednesday, February 4th. Royal Bank Of Canada upped their target price on Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 22nd. Finally, National Bankshares set a $30.00 target price on Old National Bancorp in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.36.

Insider Buying and Selling at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total value of $751,500.00. Following the completion of the sale, the insider directly owned 20,438 shares in the company, valued at $511,971.90. This represents a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.87% of the stock is currently owned by corporate insiders.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.