Pacer Advisors Inc. Increases Holdings in Old National Bancorp $ONB

Pacer Advisors Inc. boosted its stake in shares of Old National Bancorp (NASDAQ:ONB) by 481.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 60,480 shares of the bank’s stock after buying an additional 50,080 shares during the period. Pacer Advisors Inc.’s holdings in Old National Bancorp were worth $1,328,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its position in Old National Bancorp by 4.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 24,133 shares of the bank’s stock worth $549,000 after purchasing an additional 1,124 shares during the last quarter. Boston Partners grew its stake in shares of Old National Bancorp by 0.9% in the 2nd quarter. Boston Partners now owns 1,895,273 shares of the bank’s stock valued at $40,307,000 after buying an additional 17,033 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in shares of Old National Bancorp by 28.4% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 475,000 shares of the bank’s stock valued at $10,065,000 after buying an additional 105,000 shares during the period. Y Intercept Hong Kong Ltd increased its holdings in shares of Old National Bancorp by 863.6% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 154,299 shares of the bank’s stock worth $3,293,000 after buying an additional 138,287 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Old National Bancorp by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,488,836 shares of the bank’s stock valued at $74,452,000 after buying an additional 93,959 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

ONB opened at $22.31 on Friday. The stock’s 50-day moving average price is $21.72 and its 200 day moving average price is $21.77. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The firm has a market cap of $8.72 billion, a price-to-earnings ratio of 13.05 and a beta of 0.84. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.80.

Old National Bancorp (NASDAQ:ONB) last released its 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 10.42% and a net margin of 17.39%. As a group, sell-side analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, December 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, December 5th. Old National Bancorp’s dividend payout ratio is presently 32.75%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ONB. Weiss Ratings reiterated a “buy (b-)” rating on shares of Old National Bancorp in a research report on Monday. Truist Financial lowered their price target on Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Cowen reissued a “hold” rating on shares of Old National Bancorp in a research report on Monday, October 27th. TD Cowen upped their target price on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “hold” rating in a research report on Monday, October 27th. Finally, Barclays set a $29.00 target price on shares of Old National Bancorp and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.00.

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.