Forum Financial Management LP Boosts Stock Position in Old National Bancorp $ONB

Forum Financial Management LP raised its position in shares of Old National Bancorp (NASDAQ:ONB) by 4.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,839 shares of the bank’s stock after purchasing an additional 975 shares during the quarter. Forum Financial Management LP’s holdings in Old National Bancorp were worth $466,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Legacy Wealth Asset Management LLC purchased a new stake in Old National Bancorp during the 2nd quarter valued at about $207,000. Securian Asset Management Inc. grew its stake in Old National Bancorp by 2.3% during the 2nd quarter. Securian Asset Management Inc. now owns 24,791 shares of the bank’s stock valued at $529,000 after purchasing an additional 565 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Old National Bancorp during the 2nd quarter valued at about $830,000. Uptick Partners LLC purchased a new stake in Old National Bancorp during the 2nd quarter valued at about $430,000. Finally, NorthRock Partners LLC purchased a new stake in Old National Bancorp during the 2nd quarter valued at about $205,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Truist Financial lowered their target price on Old National Bancorp from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Thursday. TD Cowen assumed coverage on Old National Bancorp in a research note on Thursday, September 25th. They issued a “hold” rating and a $25.00 target price on the stock. Barclays set a $29.00 target price on Old National Bancorp and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Cowen assumed coverage on Old National Bancorp in a research note on Wednesday, September 24th. They issued a “hold” rating on the stock. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $26.18.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $21.05 on Friday. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of 12.31 and a beta of 0.85. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49. The company has a current ratio of 0.91, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The stock has a 50-day moving average of $21.94 and a 200 day moving average of $21.42.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share for the quarter. The company had revenue of $222.80 million during the quarter. Old National Bancorp had a return on equity of 14.95% and a net margin of 17.39%. Sell-side analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.7%. Old National Bancorp’s dividend payout ratio is presently 33.14%.

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.