Charles Schwab Investment Management Inc. Grows Stock Position in Old National Bancorp (NASDAQ:ONB)

Charles Schwab Investment Management Inc. lifted its stake in Old National Bancorp (NASDAQ:ONB) by 2.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,629,864 shares of the bank’s stock after buying an additional 78,983 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.14% of Old National Bancorp worth $67,733,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in Old National Bancorp by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,646 shares of the bank’s stock worth $3,006,000 after purchasing an additional 10,990 shares in the last quarter. Tidal Investments LLC lifted its stake in shares of Old National Bancorp by 11.0% in the 1st quarter. Tidal Investments LLC now owns 13,273 shares of the bank’s stock valued at $231,000 after purchasing an additional 1,316 shares during the period. Comerica Bank boosted its holdings in Old National Bancorp by 11.9% during the first quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after buying an additional 31,937 shares in the last quarter. LRI Investments LLC acquired a new stake in Old National Bancorp during the first quarter valued at $48,000. Finally, GAMMA Investing LLC increased its holdings in Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after buying an additional 1,005 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ONB shares. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Barclays raised their price objective on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday. Keefe, Bruyette & Woods upped their target price on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday. Piper Sandler reissued an “overweight” rating and issued a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Finally, Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research report on Tuesday. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $23.14 on Friday. The stock has a market cap of $7.38 billion, a PE ratio of 14.02 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 12-month low of $14.32 and a 12-month high of $23.76. The company has a 50-day moving average of $19.80 and a 200 day moving average of $18.59.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.51 earnings per share. As a group, sell-side analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

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

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.