Raymond James Financial Inc. Purchases New Position in Old National Bancorp (NASDAQ:ONB)

Raymond James Financial Inc. purchased a new stake in Old National Bancorp (NASDAQ:ONB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 907,999 shares of the bank’s stock, valued at approximately $19,708,000.

A number of other large investors also recently bought and sold shares of the business. State Street Corp raised its stake in Old National Bancorp by 0.3% in the third quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock worth $275,941,000 after buying an additional 42,723 shares in the last quarter. Geode Capital Management LLC raised its stake in Old National Bancorp by 6.6% in the third 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 in the last quarter. Victory Capital Management Inc. raised its stake in Old National Bancorp by 4.5% in the fourth quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank’s stock worth $163,899,000 after buying an additional 326,135 shares in the last quarter. Fisher Asset Management LLC raised its stake in Old National Bancorp by 28.7% in the fourth quarter. Fisher Asset Management LLC now owns 4,100,349 shares of the bank’s stock worth $88,998,000 after buying an additional 914,217 shares in the last quarter. Finally, 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 worth $79,810,000 after buying an additional 47,149 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Price Performance

NASDAQ ONB opened at $20.96 on Monday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The stock’s fifty day moving average price is $22.82 and its 200 day moving average price is $21.25. Old National Bancorp has a 1 year low of $15.38 and a 1 year high of $24.49. The company has a market cap of $6.69 billion, a price-to-earnings ratio of 12.48 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating the consensus estimate 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 period last year, the business earned $0.46 EPS. As a group, equities research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.67%. The ex-dividend date is Wednesday, March 5th. Old National Bancorp’s payout ratio is 33.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ONB shares. Stephens reaffirmed an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Barclays upped their price target on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.29.

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.