Pacer Advisors Inc. Grows Stock Position in Old National Bancorp $ONB

Pacer Advisors Inc. increased its stake in shares of Old National Bancorp (NASDAQ:ONB) by 481.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 60,480 shares of the bank’s stock after purchasing an additional 50,080 shares during the period. Pacer Advisors Inc.’s holdings in Old National Bancorp were worth $1,328,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ONB. Vident Advisory LLC acquired a new position in shares of Old National Bancorp during the first quarter worth about $234,000. Royal Bank of Canada lifted its stake in Old National Bancorp by 2.0% in the first quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock worth $4,536,000 after acquiring an additional 4,153 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in Old National Bancorp by 28.4% in the first quarter. Adage Capital Partners GP L.L.C. now owns 475,000 shares of the bank’s stock worth $10,065,000 after acquiring an additional 105,000 shares during the last quarter. AQR Capital Management LLC grew its holdings in Old National Bancorp by 3.6% during the 1st quarter. AQR Capital Management LLC now owns 344,919 shares of the bank’s stock worth $7,205,000 after acquiring an additional 11,925 shares in the last quarter. Finally, Curi RMB Capital LLC purchased a new stake in shares of Old National Bancorp in the 1st quarter valued at approximately $1,589,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. UBS Group assumed coverage on shares of Old National Bancorp in a report on Monday, December 15th. They issued a “neutral” rating and a $25.00 price objective on the stock. TD Cowen raised their price target on Old National Bancorp from $25.00 to $26.00 and gave the company a “hold” rating in a research note on Monday, October 27th. Truist Financial lowered their price objective on 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. Weiss Ratings reiterated a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday. Finally, Piper Sandler reissued 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. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $22.31 on Friday. The company has a fifty day moving average of $21.72 and a two-hundred day moving average of $21.77. The company has a market capitalization of $8.72 billion, a PE ratio of 13.05 and a beta of 0.84. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.91 and a quick ratio of 0.91.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. Old National Bancorp had a return on equity of 10.42% and a net margin of 17.39%.The business had revenue of $222.80 million for the quarter. As a group, analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, December 5th were paid a $0.14 dividend. The ex-dividend date was Friday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. Old National Bancorp’s payout ratio is currently 32.75%.

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.