Verition Fund Management LLC Sells 218,531 Shares of Old National Bancorp (NASDAQ:ONB)

Verition Fund Management LLC lowered its stake in shares of Old National Bancorp (NASDAQ:ONB) by 4.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,203,415 shares of the bank’s stock after selling 218,531 shares during the period. Old National Bancorp accounts for 0.4% of Verition Fund Management LLC’s investment portfolio, making the stock its 8th largest position. Verition Fund Management LLC’s holdings in Old National Bancorp were worth $78,436,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of ONB. Dimensional Fund Advisors LP raised its stake in shares of Old National Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after acquiring an additional 1,896,748 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Old National Bancorp by 3.2% in the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after buying an additional 441,887 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Old National Bancorp by 147.3% in the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after purchasing an additional 4,303,071 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Old National Bancorp by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock worth $67,733,000 after purchasing an additional 78,983 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Old National Bancorp by 6.1% during the second quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock worth $60,923,000 after acquiring an additional 203,088 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Royal Bank of Canada upped their target price on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday. Piper Sandler reissued an “overweight” rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday. Barclays raised their price target on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Raymond James upgraded shares of 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. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $23.14 on Friday. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76. 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 $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82. The stock has a 50 day simple moving average of $19.80 and a two-hundred day simple moving average of $18.59.

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

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s payout ratio is 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.