Bank of America Corp DE Buys 102,956 Shares of Old National Bancorp $ONB

Key Points

• Bank of America increased its Old National Bancorp stake by 2.5%, purchasing 102,956 shares to own 4.23 million shares worth approximately $93.5 million, or 1.09% of the company. Institutional investors collectively own 83.66% of ONB.
• Old National Bancorp reported quarterly EPS of $0.65, exceeding estimates by $0.02, while revenue rose 13.2% year over year to $726.86 million. The bank also pays a quarterly dividend of $0.145 per share, yielding about 2.2% annually.
• Analysts maintain a favorable outlook, with nine Buy ratings and three Holds, producing a consensus “Moderate Buy” rating and a $29.36 price target. Meanwhile, two insiders sold shares, reducing their holdings.

Bank of America Corp DE increased its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 2.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,229,045 shares of the bank's stock after buying an additional 102,956 shares during the period. Bank of America Corp DE owned 1.09% of Old National Bancorp worth $93,462,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ONB. Kemnay Advisory Services Inc. bought a new stake in Old National Bancorp in the fourth quarter worth $27,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Old National Bancorp in the fourth quarter worth $28,000. Los Angeles Capital Management LLC bought a new position in shares of Old National Bancorp during the fourth quarter valued at $36,000. Peterson Wealth Services increased its holdings in shares of Old National Bancorp by 9,711.8% during the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank's stock valued at $37,000 after acquiring an additional 1,651 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of Old National Bancorp in the 4th quarter worth about $54,000. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Trading Down 0.4%

Shares of NASDAQ:ONB opened at $26.56 on Friday. 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 1 year low of $19.39 and a 1 year high of $27.36. The company has a market cap of $10.16 billion, a P/E ratio of 11.80 and a beta of 0.84. The stock's fifty day moving average price is $25.71 and its 200-day moving average price is $24.29.

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

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp's payout ratio is presently 25.78%.

Insider Buying and Selling

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction that occurred on 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 sale, the chief executive officer owned 63,531 shares of the company's stock, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the business's stock in a transaction 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 sale, the insider owned 53,544 shares of the company's stock, valued at approximately $1,427,483.04. This represents a 27.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on ONB. Stephens upped their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a research note on Thursday, April 23rd. TD Cowen raised their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. Barclays lifted their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Weiss Ratings reiterated a "buy (b)" rating on shares of Old National Bancorp in a report on Thursday, June 4th. Finally, UBS Group initiated coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a "buy" rating and a $32.00 price target for the company. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $29.36.

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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