Arizona State Retirement System Raises Holdings in Old National Bancorp (NASDAQ:ONB)

Arizona State Retirement System boosted its holdings in shares of Old National Bancorp (NASDAQ:ONBGet Rating) by 78.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,804 shares of the bank’s stock after buying an additional 35,201 shares during the quarter. Arizona State Retirement System’s holdings in Old National Bancorp were worth $1,307,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ONB. Allspring Global Investments Holdings LLC purchased a new position in Old National Bancorp in the fourth quarter worth $1,252,000. Commonwealth Equity Services LLC grew its holdings in Old National Bancorp by 5.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 30,350 shares of the bank’s stock worth $549,000 after purchasing an additional 1,670 shares during the last quarter. Yousif Capital Management LLC purchased a new position in Old National Bancorp in the fourth quarter worth $2,776,000. New York State Common Retirement Fund grew its holdings in Old National Bancorp by 4.8% in the fourth quarter. New York State Common Retirement Fund now owns 128,279 shares of the bank’s stock worth $2,324,000 after purchasing an additional 5,876 shares during the last quarter. Finally, Mutual of America Capital Management LLC grew its holdings in Old National Bancorp by 2.5% in the fourth quarter. Mutual of America Capital Management LLC now owns 22,654 shares of the bank’s stock worth $410,000 after purchasing an additional 555 shares during the last quarter. 78.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on ONB. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 13th. Piper Sandler lifted their price objective on shares of Old National Bancorp to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. Stephens upgraded shares of Old National Bancorp from an “equal weight” rating to an “overweight” rating and set a $19.00 price objective for the company in a research note on Friday, May 13th. Finally, TheStreet downgraded shares of Old National Bancorp from a “b” rating to a “c+” rating in a research note on Friday, May 27th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $20.75.

Old National Bancorp Trading Down 0.3 %

NASDAQ ONB opened at $17.36 on Tuesday. The company has a market capitalization of $5.09 billion, a PE ratio of 17.02 and a beta of 0.86. The company has a fifty day moving average of $15.47 and a 200 day moving average of $16.46. Old National Bancorp has a 1 year low of $14.22 and a 1 year high of $20.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.81 and a quick ratio of 0.81.

Old National Bancorp (NASDAQ:ONBGet Rating) last posted its earnings results on Tuesday, July 26th. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Old National Bancorp had a net margin of 18.42% and a return on equity of 13.85%. During the same quarter in the prior year, the firm earned $0.41 earnings per share. Research analysts forecast that Old National Bancorp will post 1.85 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st were given a $0.14 dividend. The ex-dividend date of this dividend was Tuesday, May 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.23%. Old National Bancorp’s dividend payout ratio (DPR) is currently 54.90%.

About Old National Bancorp

(Get Rating)

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, letters of credit, and lease financing.

Further Reading

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Institutional Ownership by Quarter for Old National Bancorp (NASDAQ:ONB)

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