Norges Bank Makes New $72.66 Million Investment in Old National Bancorp $ONB

Norges Bank bought a new position in Old National Bancorp (NASDAQ:ONB) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 3,256,872 shares of the bank’s stock, valued at approximately $72,661,000.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Old National Bancorp by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after buying an additional 3,379,577 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Old National Bancorp by 1.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 17,504,936 shares of the bank’s stock worth $384,236,000 after buying an additional 180,156 shares during the period. State Street Corp lifted its holdings in shares of Old National Bancorp by 5.6% in the 3rd quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock worth $365,816,000 after buying an additional 890,309 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Old National Bancorp by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock worth $215,958,000 after buying an additional 91,341 shares during the period. Finally, William Blair Investment Management LLC lifted its holdings in shares of Old National Bancorp by 1.5% in the 4th quarter. William Blair Investment Management LLC now owns 5,957,936 shares of the bank’s stock worth $132,922,000 after buying an additional 88,096 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ONB shares. Jefferies Financial Group upped their target price on Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Stephens upped their target price on Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. Citigroup boosted their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Truist Financial boosted their price target on Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Finally, Barclays boosted their price target on Old National Bancorp from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.91.

Old National Bancorp Trading Down 0.0%

ONB opened at $23.96 on Friday. The firm has a market cap of $9.26 billion, a price-to-earnings ratio of 12.35 and a beta of 0.84. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $26.17. The stock has a fifty day moving average price of $23.48 and a 200-day moving average price of $23.18.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $702.70 million during the quarter, compared to analyst estimates of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The business’s revenue for the quarter was up 44.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS. As a group, equities research analysts anticipate that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be given a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, June 5th. Old National Bancorp’s payout ratio is presently 29.90%.

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.