Point72 DIFC Ltd Takes $638,000 Position in Old National Bancorp (NASDAQ:ONB)

Point72 DIFC Ltd acquired a new position in Old National Bancorp (NASDAQ:ONB) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 34,212 shares of the bank’s stock, valued at approximately $638,000.

Several other hedge funds have also recently bought and sold shares of the business. GAMMA Investing LLC lifted 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 buying an additional 1,005 shares during the last quarter. International Assets Investment Management LLC raised 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 acquiring an additional 1,325 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in Old National Bancorp in the 2nd quarter worth approximately $28,000. Quest Partners LLC bought a new stake in Old National Bancorp during the third quarter worth approximately $91,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Old National Bancorp during the second quarter valued at approximately $103,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ONB shares. Keefe, Bruyette & Woods boosted their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. Barclays lifted their target price on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Raymond James upgraded shares of 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 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 note on Tuesday, November 26th. Finally, Royal Bank of Canada increased their target price on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Old National Bancorp Stock Up 0.1 %

NASDAQ ONB opened at $23.12 on Friday. Old National Bancorp has a twelve month low of $15.36 and a twelve month high of $23.76. The stock has a market cap of $7.37 billion, a PE ratio of 14.01 and a beta of 0.86. The firm has a 50-day simple moving average of $20.31 and a 200 day simple moving average of $18.82. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $482.20 million. During the same quarter in the prior year, the firm posted $0.51 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts forecast that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be paid 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 yield of 2.42%. Old National Bancorp’s dividend payout ratio is currently 33.94%.

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.