3,872,627 Shares in Old National Bancorp $ONB Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 3.87 million shares of Old National Bancorp in the second quarter, worth approximately $100.3 million and representing a 1.01% stake. Institutional investors collectively own 83.66% of ONB.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $30.25, above the reported share price of $25.27.
• Old National Bancorp exceeded quarterly earnings and revenue expectations, reporting $0.65 EPS and $726.86 million in revenue. The company also pays a quarterly dividend of $0.145, equivalent to a 2.3% annual yield, while two insiders recently sold shares.

Bank of America Corp DE purchased a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,872,627 shares of the bank's stock, valued at approximately $100,301,000. Bank of America Corp DE owned 1.01% of Old National Bancorp at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP boosted its holdings in shares of Old National Bancorp by 200.0% in the 1st quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank's stock valued at $3,387,000 after purchasing an additional 102,159 shares in the last quarter. Deutsche Bank AG acquired a new position in shares of Old National Bancorp during the 2nd quarter worth $9,460,000. Norges Bank bought a new stake in shares of Old National Bancorp during the 4th quarter worth $72,661,000. Easterly Investment Partners LLC lifted its position in shares of Old National Bancorp by 27.4% during the 4th quarter. Easterly Investment Partners LLC now owns 282,948 shares of the bank's stock worth $6,313,000 after buying an additional 60,829 shares during the last quarter. Finally, NFJ Investment Group LLC bought a new position in Old National Bancorp in the second quarter valued at about $30,919,000. Institutional investors own 83.66% of the company's stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ONB. JPMorgan Chase & Co. assumed coverage on shares of Old National Bancorp in a report on Friday, September 11th. They set an "overweight" rating and a $32.00 price target on the stock. National Bank Financial set a $32.00 target price on shares of Old National Bancorp in a research report on Friday, September 11th. Raymond James Financial began coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They set a "market perform" rating on the stock. Jefferies Financial Group reiterated a "hold" rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Finally, Barclays raised their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.25.

Old National Bancorp Stock Down 0.2%

Shares of NASDAQ:ONB opened at $25.27 on Friday. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36. The company has a market capitalization of $9.67 billion, a PE ratio of 11.23 and a beta of 0.83. The business has a fifty day moving average price of $26.22 and a two-hundred day moving average price of $24.59. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94.

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

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, September 4th. Old National Bancorp's payout ratio is presently 25.78%.

Old National Bancorp Company Profile

Old National Bancorp NASDAQ: ONB is a regional financial services holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and wealth management services to individuals, families, businesses and institutions.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury and cash management services, credit and debit cards, online and mobile banking, and investment and wealth management services.

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