Aigen Investment Management LP Makes New Investment in Old National Bancorp (NASDAQ:ONB)

Aigen Investment Management LP bought a new position in Old National Bancorp (NASDAQ:ONB) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 18,221 shares of the bank’s stock, valued at approximately $340,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ONB. Janney Montgomery Scott LLC increased its stake in Old National Bancorp by 18.4% in the first quarter. Janney Montgomery Scott LLC now owns 15,240 shares of the bank’s stock worth $265,000 after purchasing an additional 2,366 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Old National Bancorp by 4.7% during the first quarter. Russell Investments Group Ltd. now owns 236,491 shares of the bank’s stock valued at $4,117,000 after buying an additional 10,673 shares during the period. ProShare Advisors LLC increased its stake in shares of Old National Bancorp by 4.7% during the first quarter. ProShare Advisors LLC now owns 66,963 shares of the bank’s stock valued at $1,166,000 after buying an additional 3,027 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Old National Bancorp by 35.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock valued at $1,969,000 after buying an additional 29,400 shares during the period. Finally, Ameritas Investment Partners Inc. increased its stake in shares of Old National Bancorp by 1.0% during the first quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock valued at $1,656,000 after buying an additional 919 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $21.23 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market cap of $6.77 billion, a PE ratio of 12.87 and a beta of 0.82. The business has a 50-day simple moving average of $19.28 and a two-hundred day simple moving average of $18.32. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $22.75.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the company earned $0.51 earnings per share. As a group, equities analysts expect that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio is presently 33.94%.

Analyst Ratings Changes

Several equities analysts have recently commented on ONB shares. Royal Bank of Canada raised their price target on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Finally, Barclays raised their price objective on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.43.

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.