Retirement Systems of Alabama Increases Position in Old National Bancorp $ONB

Retirement Systems of Alabama lifted its position in Old National Bancorp (NASDAQ:ONB) by 1.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 905,479 shares of the bank’s stock after purchasing an additional 9,638 shares during the period. Retirement Systems of Alabama owned about 0.23% of Old National Bancorp worth $19,323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Summit Securities Group LLC purchased a new stake in shares of Old National Bancorp in the first quarter worth $32,000. Hantz Financial Services Inc. increased its stake in shares of Old National Bancorp by 310.7% in the second quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank’s stock worth $33,000 after purchasing an additional 1,159 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Old National Bancorp during the first quarter worth $51,000. Signaturefd LLC boosted its position in shares of Old National Bancorp by 22.7% during the second quarter. Signaturefd LLC now owns 3,297 shares of the bank’s stock worth $70,000 after acquiring an additional 609 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Old National Bancorp by 44.0% during the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank’s stock worth $127,000 after acquiring an additional 1,837 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ONB shares. Truist Financial dropped their target price on shares of Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Thursday, October 23rd. Cowen restated a “hold” rating on shares of Old National Bancorp in a research report on Monday. Piper Sandler restated an “overweight” rating and set a $26.00 target price (down previously from $27.00) on shares of Old National Bancorp in a research report on Thursday, October 23rd. TD Cowen upped their target price on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a “hold” rating in a research report on Monday, October 27th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.27.

Old National Bancorp Price Performance

ONB stock opened at $20.43 on Friday. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.85. The company has a fifty day simple moving average of $21.80 and a two-hundred day simple moving average of $21.49. The firm has a market capitalization of $8.01 billion, a P/E ratio of 11.95 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. The business had revenue of $222.80 million during the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 14.95%. Analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, September 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is 32.75%.

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.