AQR Capital Management LLC Grows Stock Position in Old National Bancorp $ONB

AQR Capital Management LLC lifted its stake in Old National Bancorp (NASDAQ:ONB) by 3.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,919 shares of the bank’s stock after purchasing an additional 11,925 shares during the period. AQR Capital Management LLC’s holdings in Old National Bancorp were worth $7,205,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Baird Financial Group Inc. boosted its stake in shares of Old National Bancorp by 2.3% in the fourth quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank’s stock worth $648,000 after acquiring an additional 675 shares during the period. Fifth Third Bancorp boosted its stake in Old National Bancorp by 21.9% during the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank’s stock worth $82,000 after buying an additional 695 shares during the period. Xponance Inc. boosted its position in shares of Old National Bancorp by 1.7% during the first quarter. Xponance Inc. now owns 45,614 shares of the bank’s stock valued at $967,000 after buying an additional 752 shares during the period. State of Michigan Retirement System increased its stake in Old National Bancorp by 1.1% in the first quarter. State of Michigan Retirement System now owns 76,342 shares of the bank’s stock worth $1,618,000 after purchasing an additional 800 shares during the period. Finally, CWM LLC grew its stake in Old National Bancorp by 1.0% in the 1st quarter. CWM LLC now owns 90,600 shares of the bank’s stock worth $1,920,000 after acquiring an additional 874 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $22.40 on Friday. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. The firm’s 50 day moving average price is $22.09 and its 200-day moving average price is $21.33. The firm has a market cap of $8.78 billion, a P/E ratio of 13.25 and a beta of 0.89.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.02. The firm had revenue of $633.41 million for the quarter, compared to the consensus estimate of $622.83 million. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.During the same quarter in the previous year, the business earned $0.46 EPS. As a group, equities research analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, September 5th. Old National Bancorp’s dividend payout ratio is presently 33.14%.

Analysts Set New Price Targets

Several research firms have recently commented on ONB. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. Piper Sandler reiterated an “overweight” rating and issued a $27.00 target price (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Barclays raised their target price on Old National Bancorp from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Jefferies Financial Group started coverage on Old National Bancorp in a research note on Wednesday, May 21st. They issued a “hold” rating and a $24.00 price target for the company. Finally, Royal Bank Of Canada upped their price target on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $26.40.

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.