The Manufacturers Life Insurance Company Has $22.14 Million Position in Old National Bancorp (NASDAQ:ONB)

The Manufacturers Life Insurance Company lessened its stake in shares of Old National Bancorp (NASDAQ:ONB) by 2.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,186,660 shares of the bank’s stock after selling 31,466 shares during the period. The Manufacturers Life Insurance Company owned 0.37% of Old National Bancorp worth $22,143,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Studio Investment Management LLC boosted its holdings in shares of Old National Bancorp by 2.6% during the 3rd quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock worth $388,000 after buying an additional 524 shares during the period. CWM LLC boosted its holdings in Old National Bancorp by 0.7% during the third quarter. CWM LLC now owns 87,365 shares of the bank’s stock valued at $1,630,000 after acquiring an additional 591 shares during the period. Forum Financial Management LP grew its position in shares of Old National Bancorp by 3.9% in the second quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock valued at $346,000 after purchasing an additional 748 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares during the period. Finally, Securian Asset Management Inc. increased its stake in shares of Old National Bancorp by 4.6% in the second quarter. Securian Asset Management Inc. now owns 25,186 shares of the bank’s stock worth $433,000 after purchasing an additional 1,119 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on ONB shares. Keefe, Bruyette & Woods raised their target price on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a research note on Tuesday, November 26th. Barclays upped their target price on shares of Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Royal Bank of Canada raised their price target on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Up 0.1 %

NASDAQ ONB opened at $23.16 on Friday. Old National Bancorp has a 1-year low of $14.63 and a 1-year high of $23.76. The company has a market capitalization of $7.39 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82. The stock’s 50 day moving average is $19.95 and its two-hundred day moving average is $18.67. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the previous year, the firm earned $0.51 EPS. Old National Bancorp’s quarterly revenue was up 6.5% on a year-over-year basis. Equities analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 33.94%.

Old National Bancorp Company 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.