Neo Ivy Capital Management Makes New Investment in Old National Bancorp (NASDAQ:ONB)

Neo Ivy Capital Management acquired a new stake in Old National Bancorp (NASDAQ:ONB) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 6,600 shares of the bank’s stock, valued at approximately $124,000.

A number of other institutional investors have also recently made changes to their positions in ONB. International Assets Investment Management LLC increased its holdings in Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,325 shares during the period. HHM Wealth Advisors LLC purchased a new position in shares of Old National Bancorp during the second quarter valued at approximately $28,000. GAMMA Investing LLC raised its holdings in shares of Old National Bancorp by 156.8% during the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock valued at $73,000 after acquiring an additional 2,385 shares in the last quarter. Quest Partners LLC bought a new stake in Old National Bancorp in the third quarter valued at $91,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Old National Bancorp in the second quarter valued at $103,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $22.70 on Friday. The firm has a market cap of $7.24 billion, a P/E ratio of 13.76 and a beta of 0.86. Old National Bancorp has a twelve month low of $15.36 and a twelve month high of $23.76. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average of $20.78 and a 200 day moving average of $19.02.

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

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 annualized dividend and a dividend yield of 2.47%. Old National Bancorp’s payout ratio is 33.94%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ONB shares. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Tuesday, November 26th. Piper Sandler reiterated 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. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada upped their price target 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. Finally, Barclays raised their price objective on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.25.

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.