MetLife Investment Management LLC Trims Stock Position in Old National Bancorp (NASDAQ:ONB)

MetLife Investment Management LLC decreased its stake in Old National Bancorp (NASDAQ:ONB) by 1.0% during the third quarter, Holdings Channel reports. The institutional investor owned 338,473 shares of the bank’s stock after selling 3,574 shares during the quarter. MetLife Investment Management LLC’s holdings in Old National Bancorp were worth $6,316,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ONB. International Assets Investment Management LLC increased its holdings in Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after buying an additional 1,325 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,005 shares during the period. HHM Wealth Advisors LLC purchased a new position in shares of Old National Bancorp in the 2nd quarter valued at about $28,000. Quest Partners LLC acquired a new position in Old National Bancorp in the 3rd quarter worth about $91,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Old National Bancorp during the second quarter worth approximately $103,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Stock Up 0.1 %

Shares of NASDAQ ONB opened at $23.16 on Friday. The stock has a market cap of $7.39 billion, a PE ratio of 14.04 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 12-month low of $14.63 and a 12-month high of $23.76. The company has a 50-day moving average of $19.95 and a 200 day moving average of $18.67.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. During the same period in the prior year, the business earned $0.51 earnings per share. The business’s revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts predict that Old National Bancorp will post 1.84 EPS 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 issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. Old National Bancorp’s dividend payout ratio is presently 33.94%.

Analyst Ratings Changes

ONB has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Barclays boosted their price target 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. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday, November 25th. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research note on Tuesday, November 26th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Old National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp 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.