Neo Ivy Capital Management Makes New $124,000 Investment in Old National Bancorp (NASDAQ:ONB)

Neo Ivy Capital Management acquired a new stake in shares of Old National Bancorp (NASDAQ:ONB) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,600 shares of the bank’s stock, valued at approximately $124,000.

Several other hedge funds have also recently modified their holdings of the stock. International Assets Investment Management LLC increased its holdings in Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,325 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in shares of Old National Bancorp during the second quarter valued at about $28,000. GAMMA Investing LLC increased its holdings in shares of Old National Bancorp by 156.8% in the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after purchasing an additional 2,385 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Old National Bancorp in the third quarter worth about $91,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Old National Bancorp during the second quarter valued at approximately $103,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

ONB has been the topic of several recent research reports. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research note on Tuesday, November 26th. Barclays boosted their target price on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Keefe, Bruyette & Woods increased their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Finally, StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and an average price target of $24.25.

Old National Bancorp Price Performance

ONB opened at $22.70 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The business has a fifty day moving average of $20.78 and a 200 day moving average of $19.02. Old National Bancorp has a 52-week low of $15.36 and a 52-week high of $23.76. The stock has a market cap of $7.24 billion, a P/E ratio of 13.76 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. The company had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. As a group, sell-side analysts anticipate that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

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.