ProShare Advisors LLC Has $2.25 Million Holdings in Old National Bancorp (NASDAQ:ONB)

ProShare Advisors LLC grew its position in shares of Old National Bancorp (NASDAQ:ONB) by 41.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 103,541 shares of the bank’s stock after acquiring an additional 30,172 shares during the quarter. ProShare Advisors LLC’s holdings in Old National Bancorp were worth $2,247,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ONB. Charles Schwab Investment Management Inc. raised its stake in Old National Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,677,013 shares of the bank’s stock valued at $79,810,000 after buying an additional 47,149 shares during the period. Raymond James Financial Inc. acquired a new position in Old National Bancorp during the 4th quarter worth approximately $19,708,000. KBC Group NV raised its position in Old National Bancorp by 33.5% in the fourth quarter. KBC Group NV now owns 13,067 shares of the bank’s stock valued at $284,000 after purchasing an additional 3,278 shares during the last quarter. Choreo LLC bought a new stake in Old National Bancorp in the fourth quarter valued at approximately $511,000. Finally, CIBC Asset Management Inc acquired a new position in Old National Bancorp in the fourth quarter valued at approximately $207,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on ONB. Royal Bank of Canada dropped their price target on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Truist Financial initiated coverage on Old National Bancorp in a report on Tuesday, May 13th. They set a “buy” rating and a $26.00 target price for the company. Citigroup cut their target price on Old National Bancorp from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Raymond James cut their target price on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research note on Wednesday, April 2nd. Finally, Stephens reiterated an “overweight” rating and issued a $27.00 price objective on shares of Old National Bancorp in a research report on Monday, April 14th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $25.67.

Old National Bancorp Stock Performance

Shares of ONB opened at $21.60 on Wednesday. The stock has a 50-day simple moving average of $20.59 and a 200-day simple moving average of $21.81. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market capitalization of $6.91 billion, a PE ratio of 12.86 and a beta of 0.85. Old National Bancorp has a 1 year low of $15.60 and a 1 year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.03. The firm had revenue of $486.87 million during the quarter, compared to analysts’ expectations of $478.37 million. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. On average, 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 announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Thursday, June 5th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Thursday, June 5th. Old National Bancorp’s payout ratio is currently 32.56%.

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.