Raymond James Financial Inc. Invests $19.71 Million in Old National Bancorp (NASDAQ:ONB)

Raymond James Financial Inc. bought a new stake in Old National Bancorp (NASDAQ:ONB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 907,999 shares of the bank’s stock, valued at approximately $19,708,000.

Several other hedge funds have also recently added to or reduced their stakes in ONB. HighTower Advisors LLC grew its stake in shares of Old National Bancorp by 26.5% in the 3rd quarter. HighTower Advisors LLC now owns 14,187 shares of the bank’s stock valued at $267,000 after purchasing an additional 2,969 shares during the period. Stifel Financial Corp boosted its stake in Old National Bancorp by 1.2% in the 3rd quarter. Stifel Financial Corp now owns 53,594 shares of the bank’s stock valued at $1,000,000 after buying an additional 648 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in Old National Bancorp by 175.1% in the third quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock valued at $165,000 after acquiring an additional 5,632 shares during the period. Barclays PLC raised its stake in Old National Bancorp by 93.6% during the third quarter. Barclays PLC now owns 839,504 shares of the bank’s stock worth $15,665,000 after acquiring an additional 405,956 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its holdings in shares of Old National Bancorp by 31.1% during the third quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank’s stock valued at $590,000 after acquiring an additional 7,489 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $26.00 price objective (up previously from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Raymond James reduced their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, April 2nd. Barclays decreased their price objective on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Stephens reaffirmed an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Monday, April 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $25.71.

Old National Bancorp Stock Up 0.7 %

Old National Bancorp stock opened at $19.59 on Friday. Old National Bancorp has a 1-year low of $15.60 and a 1-year high of $24.49. The company has a market cap of $6.25 billion, a P/E ratio of 11.66 and a beta of 0.82. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The company has a fifty day simple moving average of $21.26 and a 200 day simple moving average of $21.44.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same quarter last year, the company earned $0.46 EPS. Research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.86%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s dividend payout ratio is 33.33%.

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.