Bank of New York Mellon Corp Invests $90.23 Million in Old National Bancorp $ONB

Key Points

• Bank of New York Mellon acquired 3.48 million Old National Bancorp shares worth approximately $90.23 million, representing about 0.91% of the company. Institutional investors collectively own 83.66% of ONB.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $29.36; recent targets range from $27 to $32.
• Old National exceeded quarterly expectations, reporting $0.65 in EPS and $726.86 million in revenue, while announcing a quarterly dividend of $0.145 per share, equivalent to a 2.3% annual yield.

Bank of New York Mellon Corp acquired a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,483,614 shares of the bank's stock, valued at approximately $90,226,000. Bank of New York Mellon Corp owned about 0.91% of Old National Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ONB. Dimensional Fund Advisors LP boosted its position in Old National Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank's stock valued at $395,193,000 after acquiring an additional 310,352 shares in the last quarter. State Street Corp increased its position in shares of Old National Bancorp by 5.6% during the third quarter. State Street Corp now owns 16,665,897 shares of the bank's stock valued at $365,816,000 after acquiring an additional 890,309 shares in the last quarter. Geode Capital Management LLC raised its holdings in Old National Bancorp by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank's stock worth $215,958,000 after acquiring an additional 91,341 shares during the last quarter. First Trust Advisors LP raised its holdings in Old National Bancorp by 37.5% in the 4th quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank's stock worth $160,381,000 after acquiring an additional 1,961,525 shares during the last quarter. Finally, Morgan Stanley lifted its position in Old National Bancorp by 69.8% in the 4th quarter. Morgan Stanley now owns 6,776,716 shares of the bank's stock valued at $151,189,000 after acquiring an additional 2,785,474 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analyst Ratings Changes

ONB has been the topic of a number of research analyst reports. Barclays boosted their price target on 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 research report on Thursday, June 4th. Royal Bank Of Canada boosted their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "sector perform" rating in a report on Thursday, July 23rd. UBS Group assumed coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a "buy" rating and a $32.00 target price for the company. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Old National Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $29.36.

Insider Activity

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction that occurred 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 of the company's stock, valued at $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Chady M. 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 value of $310,872.11. Following the transaction, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is currently owned by insiders.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $25.77 on Tuesday. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.36. The company has a fifty day simple moving average of $26.23 and a two-hundred day simple moving average of $24.48. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. The company has a market cap of $9.86 billion, a price-to-earnings ratio of 11.45 and a beta of 0.84.

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, beating analysts' consensus estimates of $0.63 by $0.02. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The business had revenue of $726.86 million for the quarter, compared to the consensus estimate of $716.25 million. During the same quarter in the prior year, the business posted $0.53 EPS. The business's revenue for the quarter was up 13.2% on a year-over-year basis. As a group, equities analysts anticipate that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be issued a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, September 4th. Old National Bancorp's payout ratio is presently 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.

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