Hennessy Advisors Inc. Decreases Position in Old National Bancorp (NASDAQ:ONB)

Hennessy Advisors Inc. cut its holdings in Old National Bancorp (NASDAQ:ONB) by 13.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 107,000 shares of the bank’s stock after selling 16,000 shares during the period. Hennessy Advisors Inc.’s holdings in Old National Bancorp were worth $2,322,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its holdings in Old National Bancorp by 1.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 105,231 shares of the bank’s stock valued at $1,809,000 after acquiring an additional 1,207 shares during the period. Mutual of America Capital Management LLC boosted its stake in shares of Old National Bancorp by 3.7% during the second quarter. Mutual of America Capital Management LLC now owns 180,800 shares of the bank’s stock valued at $3,108,000 after purchasing an additional 6,431 shares during the period. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Old National Bancorp by 5.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 29,768 shares of the bank’s stock valued at $511,000 after purchasing an additional 1,489 shares during the period. MQS Management LLC bought a new position in shares of Old National Bancorp in the second quarter worth approximately $329,000. Finally, AE Wealth Management LLC increased its stake in shares of Old National Bancorp by 19.1% in the second quarter. AE Wealth Management LLC now owns 16,933 shares of the bank’s stock worth $291,000 after buying an additional 2,721 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ONB has been the topic of a number of recent analyst reports. 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 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. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a research report on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods upped 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six 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 stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.38.

Old National Bancorp Trading Up 1.0 %

ONB opened at $22.93 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 52 week low of $15.36 and a 52 week high of $23.76. The stock has a market cap of $7.31 billion, a PE ratio of 13.90 and a beta of 0.87. The business has a 50 day moving average of $22.07 and a 200-day moving average of $19.99.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 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%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 earnings per share. Equities research analysts predict that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.44%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s payout ratio 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.