Citigroup Inc. Buys 52,430 Shares of Old National Bancorp (NASDAQ:ONB)

Citigroup Inc. grew its stake in Old National Bancorp (NASDAQ:ONB) by 12.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 485,023 shares of the bank’s stock after purchasing an additional 52,430 shares during the period. Citigroup Inc.’s holdings in Old National Bancorp were worth $9,051,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of ONB. Charles Schwab Investment Management Inc. lifted its position in Old National Bancorp by 2.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock worth $67,733,000 after buying an additional 78,983 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Old National Bancorp in the 3rd quarter worth about $1,339,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Old National Bancorp during the 3rd quarter worth about $8,093,000. OneAscent Financial Services LLC bought a new position in Old National Bancorp during the 3rd quarter valued at about $629,000. Finally, LMR Partners LLP purchased a new stake in Old National Bancorp in the 3rd quarter worth about $452,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Up 0.1 %

Shares of Old National Bancorp stock opened at $23.16 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $7.39 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82. The firm’s 50-day moving average is $19.87 and its two-hundred day moving average is $18.63. Old National Bancorp has a 1 year low of $14.63 and a 1 year high of $23.76.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The firm had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm earned $0.51 earnings per share. As a group, research analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s payout ratio is 33.94%.

Wall Street Analyst Weigh In

ONB has been the topic of a number of analyst reports. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Tuesday. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, November 25th. Royal Bank of Canada lifted their target price on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Company 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.