Verition Fund Management LLC Buys 1,635,223 Shares of Old National Bancorp $ONB

Verition Fund Management LLC raised its stake in Old National Bancorp (NASDAQ:ONB) by 51.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,791,967 shares of the bank’s stock after buying an additional 1,635,223 shares during the period. Old National Bancorp comprises about 0.4% of Verition Fund Management LLC’s portfolio, making the stock its 11th biggest position. Verition Fund Management LLC’s holdings in Old National Bancorp were worth $106,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Landscape Capital Management L.L.C. bought a new stake in Old National Bancorp in the fourth quarter valued at approximately $719,000. Barclays PLC lifted its position in shares of Old National Bancorp by 5.0% in the 4th quarter. Barclays PLC now owns 1,097,930 shares of the bank’s stock worth $24,495,000 after purchasing an additional 52,250 shares during the period. Bayview Asset Management LLC boosted its stake in shares of Old National Bancorp by 16.0% in the 4th quarter. Bayview Asset Management LLC now owns 145,000 shares of the bank’s stock valued at $3,235,000 after purchasing an additional 20,000 shares during the last quarter. FORA Capital LLC acquired a new stake in shares of Old National Bancorp during the fourth quarter worth $932,000. Finally, Marshall Wace LLP bought a new position in Old National Bancorp during the fourth quarter worth $22,977,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

ONB has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Truist Financial upped their target price on Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Barclays lifted their target price on Old National Bancorp from $29.00 to $30.00 and gave the stock an “overweight” rating in a report on Tuesday, April 7th. Stephens boosted their price target on Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Finally, Citigroup increased their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.91.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $25.14 on Monday. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of 12.96 and a beta of 0.84. The firm’s fifty day moving average price is $23.74 and its two-hundred day moving average price is $23.34. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $26.17. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The company had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. During the same period in the previous year, the firm posted $0.45 earnings per share. The firm’s revenue for the quarter was up 44.4% on a year-over-year basis. On average, equities research analysts predict that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, June 5th will be given a dividend of $0.145 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. Old National Bancorp’s payout ratio is presently 29.90%.

Old National Bancorp Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.