Baird Financial Group Inc. Buys 675 Shares of Old National Bancorp (NASDAQ:ONB)

Baird Financial Group Inc. increased its stake in shares of Old National Bancorp (NASDAQ:ONB) by 2.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,877 shares of the bank’s stock after acquiring an additional 675 shares during the quarter. Baird Financial Group Inc.’s holdings in Old National Bancorp were worth $648,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in Old National Bancorp by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,677,013 shares of the bank’s stock worth $79,810,000 after acquiring an additional 47,149 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new position in Old National Bancorp during the fourth quarter worth $209,000. Raymond James Financial Inc. bought a new position in Old National Bancorp during the fourth quarter worth $19,708,000. KBC Group NV boosted its stake in Old National Bancorp by 33.5% during the fourth quarter. KBC Group NV now owns 13,067 shares of the bank’s stock worth $284,000 after acquiring an additional 3,278 shares in the last quarter. Finally, Choreo LLC acquired a new position in Old National Bancorp during the fourth quarter worth $511,000. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $22.57 on Thursday. The firm has a 50-day moving average of $20.46 and a 200-day moving average of $21.71. The company has a market cap of $7.22 billion, a P/E ratio of 13.43 and a beta of 0.85. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. Old National Bancorp has a one year low of $15.60 and a one year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. The company had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. Equities research analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.48%. Old National Bancorp’s dividend payout ratio (DPR) is presently 32.56%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Stephens restated an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Monday, April 14th. Truist Financial assumed coverage on shares of Old National Bancorp in a report on Tuesday. They set a “buy” rating and a $26.00 price objective on the stock. Royal Bank of Canada lowered their price objective on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Raymond James lowered their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a report on Wednesday, April 2nd. Finally, Barclays lowered their price objective on shares of Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and a consensus price target of $25.67.

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.