Hennessy Advisors Inc. Sells 16,000 Shares of Old National Bancorp (NASDAQ:ONB)

Hennessy Advisors Inc. lessened its stake in Old National Bancorp (NASDAQ:ONB) by 13.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,000 shares of the bank’s stock after selling 16,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Old National Bancorp were worth $2,322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Envestnet Asset Management Inc. increased its stake 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 valued at $1,809,000 after purchasing an additional 1,207 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in shares of Old National Bancorp by 3.7% during the second quarter. Mutual of America Capital Management LLC now owns 180,800 shares of the bank’s stock valued at $3,108,000 after buying an additional 6,431 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Old National Bancorp by 5.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 29,768 shares of the bank’s stock valued at $511,000 after acquiring an additional 1,489 shares in the last quarter. MQS Management LLC purchased a new position in Old National Bancorp in the 2nd quarter worth approximately $329,000. Finally, AE Wealth Management LLC lifted its position in Old National Bancorp by 19.1% in the 2nd quarter. AE Wealth Management LLC now owns 16,933 shares of the bank’s stock valued at $291,000 after acquiring an additional 2,721 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a report on Tuesday, November 26th. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Royal Bank of Canada upped 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. Barclays lifted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Finally, Piper Sandler restated an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.38.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $22.93 on Friday. Old National Bancorp has a 12-month low of $15.36 and a 12-month high of $23.76. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of 13.90 and a beta of 0.87. 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 has a 50 day moving average of $22.07 and a 200 day moving average of $19.99.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $485.86 million during 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%. Old National Bancorp’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 EPS. On average, research analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were paid 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 2.44%. Old National Bancorp’s dividend payout ratio (DPR) is presently 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.