Corebridge Financial Inc. Reduces Stock Position in Old National Bancorp (NASDAQ:ONB)

Corebridge Financial Inc. trimmed its position in Old National Bancorp (NASDAQ:ONB) by 5.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 515,150 shares of the bank’s stock after selling 27,923 shares during the quarter. Corebridge Financial Inc. owned about 0.16% of Old National Bancorp worth $11,181,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. William Blair Investment Management LLC raised its position in Old National Bancorp by 172.1% during the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock worth $119,236,000 after buying an additional 3,474,578 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Old National Bancorp by 121,882.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,696,774 shares of the bank’s stock worth $35,921,000 after acquiring an additional 1,695,383 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Old National Bancorp by 28.7% during the fourth quarter. Fisher Asset Management LLC now owns 4,100,349 shares of the bank’s stock worth $88,998,000 after purchasing an additional 914,217 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Old National Bancorp during the fourth quarter valued at $19,708,000. Finally, Geode Capital Management LLC boosted its holdings 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 valued at $155,502,000 after purchasing an additional 514,315 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $21.60 on Thursday. The stock has a market capitalization of $6.89 billion, a P/E ratio of 12.86 and a beta of 0.85. The company’s fifty day moving average price is $22.82 and its 200 day moving average price is $21.35. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. Old National Bancorp has a 1 year low of $15.38 and a 1 year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (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 anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th were given a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.59%. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ONB shares. Raymond James reiterated a “strong-buy” rating and set a $29.00 price objective (up previously from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Barclays boosted their price target on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $26.00 target price (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Stephens restated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $26.29.

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.