Old National Bancorp $ONB Shares Acquired by Rafferty Asset Management LLC

Rafferty Asset Management LLC lifted its holdings in Old National Bancorp (NASDAQ:ONB) by 5.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 479,662 shares of the bank’s stock after purchasing an additional 25,557 shares during the quarter. Rafferty Asset Management LLC’s holdings in Old National Bancorp were worth $10,529,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. MAI Capital Management grew its holdings in Old National Bancorp by 156.8% during the third quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock worth $25,000 after acquiring an additional 704 shares during the period. Covestor Ltd lifted its stake in Old National Bancorp by 157.0% during the third quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after buying an additional 755 shares in the last quarter. Rothschild Investment LLC lifted its stake in Old National Bancorp by 72.3% during the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after buying an additional 535 shares in the last quarter. Hantz Financial Services Inc. grew its stake in Old National Bancorp by 310.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank’s stock valued at $33,000 after acquiring an additional 1,159 shares in the last quarter. Finally, First Horizon Corp acquired a new position in Old National Bancorp in the 3rd quarter worth about $39,000. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ONB has been the topic of several recent research reports. Citigroup raised their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a research report on Monday, December 29th. Truist Financial increased their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Monday, January 26th. Stephens raised their price objective 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. Finally, TD Cowen raised shares of Old National Bancorp from a “hold” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $30.00 in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.45.

Old National Bancorp Stock Down 6.2%

Shares of NASDAQ ONB opened at $23.10 on Monday. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $26.17. The firm’s 50-day simple moving average is $23.89 and its 200 day simple moving average is $22.49. The company has a market cap of $9.00 billion, a price-to-earnings ratio of 12.91 and a beta of 0.84. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.86.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. The business had revenue of $698.53 million during the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. During the same quarter last year, the business posted $0.49 earnings per share. On average, research analysts expect 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 announced a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be paid a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, May 5th. Old National Bancorp’s dividend payout ratio (DPR) is 31.28%.

Insider Transactions at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of Old National Bancorp stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total transaction of $751,500.00. Following the completion of the sale, the insider owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. The trade was a 59.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.87% of the company’s stock.

Old National Bancorp Profile

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.