Verition Fund Management LLC Lowers Holdings in Old National Bancorp (NASDAQ:ONB)

Verition Fund Management LLC cut its stake in Old National Bancorp (NASDAQ:ONB) by 4.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,203,415 shares of the bank’s stock after selling 218,531 shares during the quarter. Old National Bancorp accounts for about 0.4% of Verition Fund Management LLC’s investment portfolio, making the stock its 8th largest holding. Verition Fund Management LLC owned 1.32% of Old National Bancorp worth $78,436,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ONB. Studio Investment Management LLC increased its stake in shares of Old National Bancorp by 2.6% in the 3rd quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock worth $388,000 after purchasing an additional 524 shares in the last quarter. CWM LLC raised its stake in Old National Bancorp by 0.7% during the 3rd quarter. CWM LLC now owns 87,365 shares of the bank’s stock worth $1,630,000 after acquiring an additional 591 shares during the period. Forum Financial Management LP lifted its holdings in Old National Bancorp by 3.9% during 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 in the last quarter. GAMMA Investing LLC boosted its position 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. boosted its position 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. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Barclays upped their price objective on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday. Raymond James raised 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 report on Tuesday. Piper Sandler reiterated an “overweight” rating and issued a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday. Keefe, Bruyette & Woods raised their price target on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Royal Bank of Canada upped 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. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Performance

ONB stock opened at $23.14 on Friday. The company has a market capitalization of $7.38 billion, a PE ratio of 14.02 and a beta of 0.82. The firm’s 50-day moving average is $19.80 and its 200 day moving average is $18.59. Old National Bancorp has a 12 month low of $14.32 and a 12 month high of $23.76. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The company had revenue of $485.86 million for 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%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.51 earnings per share. On average, research analysts anticipate that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.42%. Old National Bancorp’s dividend payout ratio (DPR) is presently 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.