The Manufacturers Life Insurance Company Sells 31,466 Shares of Old National Bancorp (NASDAQ:ONB)

The Manufacturers Life Insurance Company lessened its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 2.6% during the 3rd quarter, according to its most recent disclosure with the SEC. 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’s holdings in Old National Bancorp were worth $22,143,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. GAMMA Investing LLC raised its position in Old National Bancorp by 194.8% in the 2nd 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 last quarter. International Assets Investment Management LLC increased its stake in shares of Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after buying an additional 1,325 shares during the period. HHM Wealth Advisors LLC bought a new stake in shares of Old National Bancorp during the second quarter worth $28,000. Quest Partners LLC acquired a new position in shares of Old National Bancorp during the third quarter valued at $91,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Old National Bancorp in the second quarter valued at about $103,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ONB. Royal Bank of Canada boosted their price objective on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 26th. Keefe, Bruyette & Woods increased their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Barclays increased their price target on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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 stock has a 50-day moving average price of $19.95 and a two-hundred day moving average price of $18.67. The stock has a market cap of $7.39 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82. 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 issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. Old National Bancorp’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 EPS. As a group, equities analysts expect that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

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