Franklin Resources Inc. Sells 9,779 Shares of Old National Bancorp (NASDAQ:ONB)

Franklin Resources Inc. lessened its holdings in Old National Bancorp (NASDAQ:ONB) by 7.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 116,837 shares of the bank’s stock after selling 9,779 shares during the period. Franklin Resources Inc.’s holdings in Old National Bancorp were worth $2,205,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Fisher Asset Management LLC raised its stake in shares of Old National Bancorp by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after acquiring an additional 90,747 shares during the period. Citigroup Inc. raised its position in Old National Bancorp by 12.1% in the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock worth $9,051,000 after purchasing an additional 52,430 shares during the period. LMR Partners LLP bought a new stake in Old National Bancorp in the third quarter worth about $452,000. First Eagle Investment Management LLC boosted its position in shares of Old National Bancorp by 10.1% during the second quarter. First Eagle Investment Management LLC now owns 491,698 shares of the bank’s stock valued at $8,452,000 after buying an additional 45,000 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Old National Bancorp by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock valued at $67,733,000 after buying an additional 78,983 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ONB shares. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods raised their price objective on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Finally, Barclays upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, one has issued 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 presently has an average rating of “Moderate Buy” and an average price target of $24.38.

Old National Bancorp Price Performance

ONB opened at $22.00 on Friday. The firm has a market capitalization of $7.02 billion, a PE ratio of 13.33 and a beta of 0.86. 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 business’s 50-day moving average is $21.42 and its two-hundred day moving average is $19.39. Old National Bancorp has a 1 year low of $15.36 and a 1 year high of $23.76.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The firm 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%. Old National Bancorp’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.51 EPS. Research analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were given a $0.14 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.55%. Old National Bancorp’s payout ratio is 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.