Norges Bank Buys New Stake in Old National Bancorp (NASDAQ:ONB)

Norges Bank purchased a new position in shares of Old National Bancorp (NASDAQ:ONB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,533,024 shares of the bank’s stock, valued at approximately $76,684,000. Norges Bank owned approximately 1.11% of Old National Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in ONB. Sanctuary Advisors LLC raised its stake in Old National Bancorp by 1.4% in the 4th quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank’s stock valued at $762,000 after purchasing an additional 432 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after buying an additional 615 shares during the last quarter. Stifel Financial Corp lifted its stake in shares of Old National Bancorp by 1.2% during the third quarter. Stifel Financial Corp now owns 53,594 shares of the bank’s stock valued at $1,000,000 after buying an additional 648 shares during the period. UMB Bank n.a. boosted its position in Old National Bancorp by 58.9% during the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after acquiring an additional 663 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in Old National Bancorp by 0.8% in the 4th quarter. Arizona State Retirement System now owns 92,571 shares of the bank’s stock worth $2,009,000 after acquiring an additional 725 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $21.35 on Thursday. The business’s 50-day simple moving average is $22.63 and its 200-day simple moving average is $21.44. The firm has a market capitalization of $6.81 billion, a P/E ratio of 12.71 and a beta of 0.85. Old National Bancorp has a 1-year low of $15.38 and a 1-year high of $24.49. 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 (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same quarter in the previous year, the business earned $0.46 EPS. Equities analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were issued a $0.14 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $0.56 annualized dividend and a yield of 2.62%. Old National Bancorp’s dividend payout ratio is currently 33.33%.

Analysts Set New Price Targets

ONB has been the topic of several analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $26.00 price objective (up previously from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Barclays lifted their price target on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Stephens reiterated an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday, January 22nd. Finally, Raymond James decreased their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research report on Wednesday. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.00.

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.