Intech Investment Management LLC Purchases Shares of 71,772 Old National Bancorp (NASDAQ:ONB)

Intech Investment Management LLC acquired a new position in Old National Bancorp (NASDAQ:ONB) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 71,772 shares of the bank’s stock, valued at approximately $1,339,000.

Several other institutional investors have also recently modified their holdings of the company. CWM LLC raised its position in Old National Bancorp by 0.7% in the 3rd quarter. CWM LLC now owns 87,365 shares of the bank’s stock worth $1,630,000 after purchasing an additional 591 shares during the period. Forum Financial Management LP lifted its stake in shares of Old National Bancorp by 3.9% in the 2nd quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock valued at $346,000 after acquiring an additional 748 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,005 shares during the period. Studio Investment Management LLC grew its position in Old National Bancorp by 5.7% during the 2nd quarter. Studio Investment Management LLC now owns 20,279 shares of the bank’s stock worth $349,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Securian Asset Management Inc. lifted its position in Old National Bancorp by 4.6% in the second quarter. Securian Asset Management Inc. now owns 25,186 shares of the bank’s stock valued at $433,000 after purchasing an additional 1,119 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ONB shares. Royal Bank of Canada raised their target price on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Tuesday. Keefe, Bruyette & Woods raised their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday. Barclays upped their price objective on shares of Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Stock Performance

Old National Bancorp stock opened at $23.14 on Wednesday. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 14.02 and a beta of 0.82. The stock’s 50 day simple moving average is $19.63 and its two-hundred day simple moving average is $18.52. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 earnings per share. As a group, analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be paid a $0.14 dividend. The ex-dividend date is Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. Old National Bancorp’s payout ratio is 33.94%.

Old National Bancorp Company 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.