Old National Bancorp (NASDAQ:ONB) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its position in shares of Old National Bancorp (NASDAQ:ONB) by 13.5% in the third quarter, Holdings Channel.com reports. The firm owned 3,498,108 shares of the bank’s stock after acquiring an additional 416,647 shares during the period. JPMorgan Chase & Co.’s holdings in Old National Bancorp were worth $65,275,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC raised its holdings in Old National Bancorp by 31.1% in the third quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank’s stock valued at $590,000 after acquiring an additional 7,489 shares in the last quarter. Neo Ivy Capital Management bought a new stake in Old National Bancorp in the third quarter valued at about $124,000. Geode Capital Management LLC lifted its holdings in Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after buying an additional 514,315 shares during the last quarter. Barclays PLC raised its position in shares of Old National Bancorp by 93.6% during the 3rd quarter. Barclays PLC now owns 839,504 shares of the bank’s stock valued at $15,665,000 after acquiring an additional 405,956 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in Old National Bancorp by 175.1% in the third quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock worth $165,000 after purchasing an additional 5,632 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a report on Tuesday, November 26th. Royal Bank of Canada upped their price objective on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Barclays raised their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Finally, StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.38.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $21.47 on Friday. Old National Bancorp has a 52 week low of $15.36 and a 52 week high of $23.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The company’s 50-day moving average price is $21.73 and its two-hundred day moving average price is $19.62. The stock has a market cap of $6.85 billion, a PE ratio of 13.01 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.51 EPS. As a group, sell-side analysts anticipate that Old National Bancorp will post 1.83 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is 33.94%.

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.