1,193,779 Shares in Old National Bancorp $ONB Purchased by NFJ Investment Group LLC

Key Points

• NFJ Investment Group purchased 1.19 million Old National Bancorp shares worth approximately $30.9 million, giving it a 0.31% stake. Institutional investors and hedge funds collectively own 83.66% of the bank.
• Old National Bancorp reported quarterly EPS of $0.65, exceeding the $0.63 consensus estimate, while revenue rose 13.2% year over year to $726.86 million. The stock recently traded at $25.83, with analysts maintaining a “Moderate Buy” consensus and an average price target of $29.36.
• The bank declared a quarterly dividend of $0.145 per share, equivalent to an annualized $0.58 payout and a 2.2% yield. Separately, CEO Chady M. Alahmar and insider Nicholas J. Chulos sold shares, while insiders own 0.72% of the company.

NFJ Investment Group LLC bought a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,193,779 shares of the bank's stock, valued at approximately $30,919,000. NFJ Investment Group LLC owned 0.31% of Old National Bancorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE increased its stake in Old National Bancorp by 2.5% in the first quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank's stock valued at $93,462,000 after acquiring an additional 102,956 shares during the last quarter. Comerica Bank raised its position in Old National Bancorp by 27.8% during the fourth quarter. Comerica Bank now owns 263,057 shares of the bank's stock valued at $5,869,000 after purchasing an additional 57,152 shares in the last quarter. Algebris UK Ltd. lifted its stake in Old National Bancorp by 57.9% during the fourth quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank's stock worth $41,160,000 after purchasing an additional 675,873 shares during the last quarter. Quantinno Capital Management LP lifted its stake in Old National Bancorp by 200.0% during the first quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank's stock worth $3,387,000 after purchasing an additional 102,159 shares during the last quarter. Finally, Ruffer LLP acquired a new stake in shares of Old National Bancorp in the 4th quarter valued at $2,871,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $25.83 on Friday. The firm's fifty day moving average price is $26.20 and its two-hundred day moving average price is $24.47. The stock has a market cap of $9.88 billion, a PE ratio of 11.48 and a beta of 0.84. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The company had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same period in the prior year, the business earned $0.53 earnings per share. The company's revenue for the quarter was up 13.2% compared to the same quarter last year. On average, equities analysts expect that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Saturday, September 5th will be given a dividend of $0.145 per share. The ex-dividend date is Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. Old National Bancorp's payout ratio is currently 25.78%.

Insider Transactions at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of the company's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the transaction, the insider owned 53,544 shares of the company's stock, valued at $1,427,483.04. This represents a 27.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the transaction, the chief executive officer owned 63,531 shares of the company's stock, valued at $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.72% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Raymond James Financial initiated coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a "market perform" rating for the company. TD Cowen raised their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. UBS Group began coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a "buy" rating and a $32.00 target price on the stock. Stephens boosted their target price on Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a research note on Thursday, April 23rd. Finally, Truist Financial increased their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Old National Bancorp has an average rating of "Moderate Buy" and a consensus target price of $29.36.

Old National Bancorp Company Profile

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

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