ExodusPoint Capital Management LP Invests $42.32 Million in Old National Bancorp (NASDAQ:ONB)

ExodusPoint Capital Management LP purchased a new position in Old National Bancorp (NASDAQ:ONB) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,949,612 shares of the bank’s stock, valued at approximately $42,316,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ONB. Lee Danner & Bass Inc. bought a new position in Old National Bancorp during the 4th quarter worth approximately $25,000. Empowered Funds LLC bought a new position in Old National Bancorp during the fourth quarter worth $28,000. Versant Capital Management Inc boosted its holdings in Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after purchasing an additional 615 shares during the period. UMB Bank n.a. increased its stake in Old National Bancorp by 58.9% during the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after purchasing an additional 663 shares during the last quarter. Finally, Bank of Jackson Hole Trust acquired a new stake in shares of Old National Bancorp during the fourth quarter worth $65,000. 83.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Raymond James decreased their price target on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a report on Wednesday. Barclays upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Finally, Stephens restated an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

Old National Bancorp Stock Performance

ONB opened at $21.35 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The business’s 50 day moving average is $22.63 and its 200-day moving average is $21.44. The stock has a market cap of $6.81 billion, a PE ratio of 12.71 and a beta of 0.85. Old National Bancorp has a twelve month low of $15.38 and a twelve month high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same quarter in the prior year, the company posted $0.46 EPS. On average, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.62%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s payout ratio is currently 33.33%.

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.