Rafferty Asset Management LLC Grows Stock Holdings in Old National Bancorp (NASDAQ:ONB)

Rafferty Asset Management LLC lifted its stake in shares of Old National Bancorp (NASDAQ:ONB) by 32.5% during the second quarter, HoldingsChannel.com reports. The fund owned 127,098 shares of the bank’s stock after buying an additional 31,190 shares during the quarter. Rafferty Asset Management LLC’s holdings in Old National Bancorp were worth $2,238,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ONB. BlackRock Inc. raised its holdings in shares of Old National Bancorp by 0.6% in the first quarter. BlackRock Inc. now owns 24,422,049 shares of the bank’s stock valued at $472,321,000 after acquiring an additional 147,571 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Old National Bancorp by 47.8% in the 2nd quarter. American Century Companies Inc. now owns 4,146,323 shares of the bank’s stock worth $73,017,000 after purchasing an additional 1,341,399 shares during the period. Geode Capital Management LLC boosted its stake in shares of Old National Bancorp by 7.5% during the first quarter. Geode Capital Management LLC now owns 2,771,457 shares of the bank’s stock valued at $53,599,000 after purchasing an additional 193,337 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in Old National Bancorp during the second quarter valued at approximately $47,540,000. Finally, Goldman Sachs Group Inc. raised its stake in Old National Bancorp by 76.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,391,172 shares of the bank’s stock worth $26,905,000 after buying an additional 603,539 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Separately, Piper Sandler upgraded Old National Bancorp from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $18.00 to $20.00 in a report on Tuesday, August 17th.

NASDAQ:ONB opened at $15.96 on Friday. The company’s 50-day simple moving average is $16.42 and its 200-day simple moving average is $18.11. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.77 and a current ratio of 0.78. Old National Bancorp has a fifty-two week low of $12.02 and a fifty-two week high of $21.28. The stock has a market capitalization of $2.65 billion, a P/E ratio of 8.82 and a beta of 0.96.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Monday, July 19th. The bank reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Old National Bancorp had a net margin of 34.10% and a return on equity of 10.36%. The company had revenue of $204.91 million during the quarter, compared to analysts’ expectations of $205.33 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. On average, research analysts forecast that Old National Bancorp will post 1.32 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Stockholders of record on Wednesday, September 1st were given a $0.14 dividend. The ex-dividend date of this dividend was Tuesday, August 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.51%. Old National Bancorp’s payout ratio is 37.33%.

About Old National Bancorp

Old National Bancorp operates as a financial holding company. It engages in the provision of financial and banking solutions. The Community Banking segment provides commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust and investment advisory services.

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Institutional Ownership by Quarter for Old National Bancorp (NASDAQ:ONB)

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