Old National Bancorp $ONB Shares Acquired by Forum Financial Management LP

Forum Financial Management LP raised its position in shares of Old National Bancorp (NASDAQ:ONB) by 4.7% in the second quarter, Holdings Channel.com reports. The fund owned 21,839 shares of the bank’s stock after acquiring an additional 975 shares during the quarter. Forum Financial Management LP’s holdings in Old National Bancorp were worth $466,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Securian Asset Management Inc. increased its holdings in shares of Old National Bancorp by 2.3% in the second quarter. Securian Asset Management Inc. now owns 24,791 shares of the bank’s stock valued at $529,000 after purchasing an additional 565 shares during the last quarter. Signaturefd LLC increased 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 last quarter. Xponance Inc. increased its holdings in shares of Old National Bancorp by 1.7% in the first quarter. Xponance Inc. now owns 45,614 shares of the bank’s stock valued at $967,000 after purchasing an additional 752 shares during the last quarter. State of Michigan Retirement System increased its holdings in shares of Old National Bancorp by 1.1% in the first quarter. State of Michigan Retirement System now owns 76,342 shares of the bank’s stock valued at $1,618,000 after purchasing an additional 800 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Old National Bancorp by 1.0% in the first quarter. CWM LLC now owns 90,600 shares of the bank’s stock valued at $1,920,000 after purchasing an additional 874 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Price Performance

ONB stock opened at $21.05 on Friday. The business has a fifty day moving average of $21.94 and a two-hundred day moving average of $21.42. The company has a quick ratio of 0.92, a current ratio of 0.91 and a debt-to-equity ratio of 0.85. 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 52-week low of $16.83 and a 52-week high of $24.49.

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

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, September 5th. Old National Bancorp’s payout ratio is currently 33.14%.

Analysts Set New Price Targets

Several equities research analysts recently commented on ONB shares. Cowen started coverage on Old National Bancorp in a report on Wednesday, September 24th. They issued a “hold” rating for the company. TD Cowen started coverage on Old National Bancorp in a report on Thursday, September 25th. They issued a “hold” rating and a $25.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 price target (down previously from $27.00) on shares of Old National Bancorp in a report on Thursday. Barclays set a $29.00 price target on Old National Bancorp and gave the company an “overweight” rating in a report on Wednesday, October 8th. Finally, Truist Financial cut their price target on Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $26.18.

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.