Algebris UK Ltd. Acquires New Stake in Old National Bancorp $ONB

Key Points

• Algebris UK Ltd. acquired 1.62 million shares of Old National Bancorp in the second quarter, valued at approximately $41.7 million. Institutional investors and hedge funds collectively own 83.66% of the bank.
• Analysts maintain a generally positive outlook, with nine Buy ratings and three Holds. The stock has an average price target of $29.36, above its reported trading price of $25.91.
• Old National Bancorp exceeded quarterly earnings expectations, reporting $0.65 in EPS and $726.9 million in revenue, while revenue rose 13.2% year over year. The company also declared a quarterly dividend of $0.145 per share, representing a 2.2% annualized yield.

Algebris UK Ltd. acquired 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 Securities and Exchange Commission. The fund acquired 1,616,931 shares of the bank's stock, valued at approximately $41,747,000. Old National Bancorp accounts for approximately 2.7% of Algebris UK Ltd.'s holdings, making the stock its 15th biggest holding. Algebris UK Ltd. owned about 0.42% of Old National Bancorp as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in Old National Bancorp in the second quarter worth $1,215,819,000. Bank of New York Mellon Corp acquired a new stake in shares of Old National Bancorp in the 2nd quarter worth approximately $90,226,000. Norges Bank acquired a new position in Old National Bancorp during the fourth quarter worth $72,661,000. Pzena Investment Management LLC purchased a new stake in Old National Bancorp during the second quarter worth $73,647,000. Finally, Morgan Stanley boosted its position in Old National Bancorp by 69.8% during the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank's stock worth $151,189,000 after purchasing an additional 2,785,474 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the transaction, the insider owned 53,544 shares in the company, valued at approximately $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Chady M. Alahmar sold 11,771 shares of the firm's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the sale, the chief executive officer directly owned 63,531 shares of the company's stock, valued at $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ONB. Barclays raised their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Truist Financial increased their price objective on Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Raymond James Financial started coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a "market perform" rating for the company. Citigroup raised their target price on shares of Old National Bancorp from $29.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Nine 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, Old National Bancorp currently has an average rating of "Moderate Buy" and an average price target of $29.36.

Old National Bancorp Trading Down 2.8%

Shares of ONB opened at $25.91 on Thursday. 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 has a 12 month low of $19.39 and a 12 month high of $27.36. The stock has a market cap of $9.91 billion, a PE ratio of 11.52 and a beta of 0.84. The stock's 50-day moving average is $26.18 and its two-hundred day moving average is $24.46.

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, beating the consensus estimate of $0.63 by $0.02. The company had revenue of $726.86 million during 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 was up 13.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 EPS. Equities analysts forecast that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

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

Old National Bancorp 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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