Retirement Systems of Alabama Purchases 23,778 Shares of Old National Bancorp $ONB

Retirement Systems of Alabama lifted its position in shares of Old National Bancorp (NASDAQ:ONB) by 2.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 929,257 shares of the bank’s stock after acquiring an additional 23,778 shares during the quarter. Retirement Systems of Alabama owned approximately 0.24% of Old National Bancorp worth $20,397,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ONB. Covestor Ltd lifted its position in Old National Bancorp by 157.0% during the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after purchasing an additional 755 shares during the period. Hantz Financial Services Inc. lifted its holdings in Old National Bancorp by 310.7% in the second quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank’s stock valued at $33,000 after buying an additional 1,159 shares during the period. First Horizon Corp bought a new position in Old National Bancorp in the third quarter valued at approximately $39,000. Signaturefd LLC grew its holdings in Old National Bancorp by 22.7% during the 2nd quarter. Signaturefd LLC now owns 3,297 shares of the bank’s stock worth $70,000 after acquiring an additional 609 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in Old National Bancorp by 794.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank’s stock worth $76,000 after acquiring an additional 3,169 shares during the period. Institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ONB shares. Stephens raised 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. Barclays set a $29.00 target price on Old National Bancorp and gave the stock an “overweight” rating in a report on Wednesday, October 8th. UBS Group started coverage on shares of Old National Bancorp in a research report on Monday, December 15th. They issued a “neutral” rating and a $25.00 price target on the stock. Piper Sandler restated an “overweight” rating and set a $26.00 price objective (down previously from $27.00) on shares of Old National Bancorp in a report on Thursday, October 23rd. Finally, Truist Financial increased their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Monday. One 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 company. According to data from MarketBeat, Old National Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $27.27.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.69 on Tuesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $9.26 billion, a price-to-earnings ratio of 13.23 and a beta of 0.84. The business has a 50 day simple moving average of $22.60 and a 200 day simple moving average of $21.97. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.77.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.03. Old National Bancorp had a net margin of 17.91% and a return on equity of 15.06%. The company had revenue of $714.50 million during the quarter, compared to analysts’ expectations of $705.62 million. During the same quarter in the prior year, the company earned $0.49 earnings per share. Analysts anticipate 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 declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, December 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, December 5th. Old National Bancorp’s payout ratio is 31.28%.

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.