AlphaQuest LLC Grows Position in Old National Bancorp $ONB

AlphaQuest LLC raised its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 119.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,336 shares of the bank’s stock after buying an additional 28,981 shares during the quarter. AlphaQuest LLC’s holdings in Old National Bancorp were worth $1,138,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of ONB. Summit Securities Group LLC purchased a new stake in shares of Old National Bancorp in the first quarter valued at about $32,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Old National Bancorp in the first quarter valued at about $51,000. Signaturefd LLC grew its holdings in shares of Old National Bancorp by 22.7% in the second quarter. Signaturefd LLC now owns 3,297 shares of the bank’s stock valued at $70,000 after purchasing an additional 609 shares during the period. GAMMA Investing LLC grew its holdings in shares of Old National Bancorp by 44.0% in the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank’s stock valued at $127,000 after purchasing an additional 1,837 shares during the period. Finally, NorthRock Partners LLC purchased a new stake in shares of Old National Bancorp in the second quarter valued at about $205,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ONB. Royal Bank Of Canada upped their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a “sector perform” rating in a report on Wednesday, July 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a report on Saturday. Piper Sandler reissued an “overweight” rating and issued a $26.00 price objective (down previously from $27.00) on shares of Old National Bancorp in a report on Thursday. Cowen began coverage on shares of Old National Bancorp in a research note on Wednesday, September 24th. They set a “hold” rating for the company. Finally, Truist Financial lowered their target price on shares of Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.18.

Old National Bancorp Stock Up 2.1%

Shares of NASDAQ:ONB opened at $21.05 on Friday. The firm’s 50 day moving average price is $21.94 and its 200 day moving average price is $21.44. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of 12.31 and a beta of 0.85. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.91 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share for the quarter. The firm had revenue of $222.80 million for the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 14.95%. As a group, equities research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, September 5th. Old National Bancorp’s dividend payout ratio is currently 32.75%.

Old National Bancorp Profile

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.