Retirement Systems of Alabama Sells 2,277 Shares of Old National Bancorp (NASDAQ:ONB)

Retirement Systems of Alabama lessened its stake in Old National Bancorp (NASDAQ:ONB) by 0.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 387,473 shares of the bank’s stock after selling 2,277 shares during the period. Retirement Systems of Alabama’s holdings in Old National Bancorp were worth $7,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Studio Investment Management LLC increased its holdings in shares of Old National Bancorp by 2.6% during the third quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock valued at $388,000 after acquiring an additional 524 shares in the last quarter. CWM LLC grew its holdings in shares of Old National Bancorp by 0.7% during the third quarter. CWM LLC now owns 87,365 shares of the bank’s stock valued at $1,630,000 after buying an additional 591 shares during the last quarter. Stifel Financial Corp lifted its position in Old National Bancorp by 1.2% during the 3rd quarter. Stifel Financial Corp now owns 53,594 shares of the bank’s stock worth $1,000,000 after acquiring an additional 648 shares during the period. Forum Financial Management LP lifted its holdings in shares of Old National Bancorp by 3.9% during the second quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock worth $346,000 after purchasing an additional 748 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Old National Bancorp by 1.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 105,231 shares of the bank’s stock worth $1,809,000 after buying an additional 1,207 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ONB shares. Piper Sandler reiterated an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods lifted their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Royal Bank of Canada boosted their target price on shares of Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Finally, Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.25.

Old National Bancorp Stock Performance

ONB opened at $22.35 on Wednesday. Old National Bancorp has a twelve month low of $15.36 and a twelve month high of $23.76. The firm has a market capitalization of $7.13 billion, a PE ratio of 13.55 and a beta of 0.86. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The firm’s 50-day moving average price is $21.04 and its 200 day moving average price is $19.18.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $485.86 million for 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 firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 earnings per share. As a group, sell-side analysts expect that Old National Bancorp will post 1.83 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.51%. Old National Bancorp’s dividend payout ratio is currently 33.94%.

About Old National Bancorp

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.