Fisher Asset Management LLC Buys 914,217 Shares of Old National Bancorp (NASDAQ:ONB)

Fisher Asset Management LLC raised its stake in shares of Old National Bancorp (NASDAQ:ONB) by 28.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,100,349 shares of the bank’s stock after acquiring an additional 914,217 shares during the quarter. Fisher Asset Management LLC owned approximately 1.29% of Old National Bancorp worth $88,998,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ONB. Kovack Advisors Inc. purchased a new stake in shares of Old National Bancorp during the 4th quarter valued at $289,000. Bank of New York Mellon Corp lifted its holdings in shares of Old National Bancorp by 11.6% during the 4th quarter. Bank of New York Mellon Corp now owns 3,394,365 shares of the bank’s stock valued at $73,675,000 after purchasing an additional 352,116 shares during the last quarter. Sigma Planning Corp purchased a new stake in shares of Old National Bancorp during the 4th quarter valued at $315,000. Handelsbanken Fonder AB lifted its holdings in shares of Old National Bancorp by 11.0% during the 4th quarter. Handelsbanken Fonder AB now owns 85,059 shares of the bank’s stock valued at $1,846,000 after purchasing an additional 8,400 shares during the last quarter. Finally, TBH Global Asset Management LLC lifted its holdings in shares of Old National Bancorp by 7.8% during the 4th quarter. TBH Global Asset Management LLC now owns 47,610 shares of the bank’s stock valued at $1,033,000 after purchasing an additional 3,465 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $23.75 on Friday. The stock has a 50-day simple moving average of $22.89 and a two-hundred day simple moving average of $21.06. The firm has a market capitalization of $7.58 billion, a P/E ratio of 14.14 and a beta of 0.88. Old National Bancorp has a fifty-two week low of $15.38 and a fifty-two week high of $24.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same quarter last year, the company posted $0.46 earnings per share. On average, equities analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Wednesday, March 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.33%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Keefe, Bruyette & Woods increased their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Barclays raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Piper Sandler restated an “overweight” rating and issued a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.29.

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.