AlphaQuest LLC Increases Stock Holdings in Old National Bancorp $ONB

AlphaQuest LLC raised its stake in Old National Bancorp (NASDAQ:ONB) by 119.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 53,336 shares of the bank’s stock after acquiring an additional 28,981 shares during the period. AlphaQuest LLC’s holdings in Old National Bancorp were worth $1,138,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Summit Securities Group LLC purchased a new position in Old National Bancorp in the first quarter valued at approximately $32,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Old National Bancorp during the first quarter worth approximately $51,000. Signaturefd LLC grew its position in shares of Old National Bancorp by 22.7% during the second quarter. Signaturefd LLC now owns 3,297 shares of the bank’s stock worth $70,000 after acquiring an additional 609 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Old National Bancorp by 44.0% during the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank’s stock worth $127,000 after acquiring an additional 1,837 shares during the last quarter. Finally, NorthRock Partners LLC purchased a new position in shares of Old National Bancorp during the second quarter worth approximately $205,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $21.05 on Friday. The firm’s fifty day moving average price is $21.94 and its 200 day moving average price is $21.44. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $24.49. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.91 and a quick ratio of 0.92. The firm has a market cap of $8.25 billion, a price-to-earnings ratio of 12.31 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, February 1st. The bank reported $0.46 earnings per share for the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 14.95%. The firm had revenue of $222.80 million for the quarter. On average, sell-side analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is 32.75%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ONB shares. Piper Sandler restated an “overweight” rating and set a $26.00 target price (down from $27.00) on shares of Old National Bancorp in a research report on Thursday. Barclays set a $29.00 target price on shares of Old National Bancorp and gave the stock an “overweight” rating in a research report on Wednesday, October 8th. Truist Financial lowered their target price on shares of Old National Bancorp from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday. Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a research report on Saturday. Finally, Cowen started coverage on shares of Old National Bancorp in a research report on Wednesday, September 24th. They set a “hold” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.18.

About Old National Bancorp

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.