Allspring Global Investments Holdings LLC Raises Stock Position in Old National Bancorp (NASDAQ:ONB)

Allspring Global Investments Holdings LLC grew its holdings in Old National Bancorp (NASDAQ:ONB) by 121,882.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,696,774 shares of the bank’s stock after acquiring an additional 1,695,383 shares during the period. Allspring Global Investments Holdings LLC owned about 0.53% of Old National Bancorp worth $35,921,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Empowered Funds LLC purchased a new position in shares of Old National Bancorp in the 4th quarter valued at $28,000. International Assets Investment Management LLC increased its stake in Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after buying an additional 1,325 shares during the period. Versant Capital Management Inc increased its stake in Old National Bancorp by 58.4% during the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after buying an additional 615 shares during the period. UMB Bank n.a. increased its stake in Old National Bancorp by 58.9% during the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after buying an additional 663 shares during the period. Finally, Quest Partners LLC purchased a new stake in Old National Bancorp during the 3rd quarter worth $91,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Up 0.1 %

NASDAQ ONB opened at $23.89 on Friday. Old National Bancorp has a one year low of $15.38 and a one year high of $24.49. The company has a 50-day simple moving average of $22.61 and a 200-day simple moving average of $20.68. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $7.62 billion, a PE ratio of 14.22 and a beta of 0.88.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period last year, the firm 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.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. 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. Stephens reaffirmed an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Piper Sandler reissued an “overweight” rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Finally, StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price 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.