Cibc World Markets Corp Invests $639,000 in Old National Bancorp (NASDAQ:ONB)

Cibc World Markets Corp acquired a new position in shares of Old National Bancorp (NASDAQ:ONB) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 29,448 shares of the bank’s stock, valued at approximately $639,000.

Several other institutional investors and hedge funds have also made changes to their positions in ONB. Allspring Global Investments Holdings LLC lifted its stake in shares of Old National Bancorp by 121,882.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,696,774 shares of the bank’s stock worth $35,921,000 after buying an additional 1,695,383 shares during the period. Fisher Asset Management LLC lifted its stake 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 buying an additional 914,217 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Old National Bancorp during the fourth quarter worth $19,708,000. Geode Capital Management LLC lifted its stake in shares of Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after buying an additional 514,315 shares during the period. Finally, Channing Capital Management LLC raised its holdings in shares of Old National Bancorp by 12.4% during the fourth quarter. Channing Capital Management LLC now owns 4,618,462 shares of the bank’s stock worth $100,244,000 after purchasing an additional 509,028 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ONB has been the subject of several recent research reports. Stephens reissued an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, January 22nd. Royal Bank of Canada reissued a “sector perform” rating and set a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Barclays raised their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Piper Sandler reissued 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. Finally, Keefe, Bruyette & Woods raised their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.29.

Old National Bancorp Stock Down 0.8 %

ONB opened at $21.20 on Friday. Old National Bancorp has a fifty-two week low of $15.38 and a fifty-two week high of $24.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. The company has a fifty day moving average of $22.84 and a two-hundred day moving average of $21.29. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of 12.62 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates 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 in the previous year, the business earned $0.46 earnings per share. On average, research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.64%. Old National Bancorp’s dividend payout ratio is currently 33.33%.

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.