Basswood Capital Management L.L.C. acquired a new position 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 institutional investor acquired 1,780,471 shares of the bank's stock, valued at approximately $46,114,000. Old National Bancorp makes up 1.8% of Basswood Capital Management L.L.C.'s investment portfolio, making the stock its 14th largest position. Basswood Capital Management L.L.C. owned 0.47% of Old National Bancorp at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of ONB. Bank of America Corp DE increased its stake in shares of 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 worth $93,462,000 after purchasing an additional 102,956 shares in the last quarter. Comerica Bank lifted its stake in shares of Old National Bancorp by 27.8% during the 4th quarter. Comerica Bank now owns 263,057 shares of the bank's stock valued at $5,869,000 after buying an additional 57,152 shares in the last quarter. Algebris UK Ltd. lifted its stake in shares of Old National Bancorp by 57.9% during the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank's stock valued at $41,160,000 after buying an additional 675,873 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in Old National Bancorp by 200.0% in the 1st quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank's stock worth $3,387,000 after buying an additional 102,159 shares during the period. Finally, Norges Bank bought a new position in Old National Bancorp in the 4th quarter worth $72,661,000. 83.66% of the stock is owned by institutional investors.
Old National Bancorp Trading Up 0.5%
Shares of Old National Bancorp stock opened at $25.78 on Thursday. The firm has a market cap of $9.86 billion, a price-to-earnings ratio of 11.46 and a beta of 0.84. The business has a 50-day moving average price of $26.27 and a 200-day moving average price 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. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $27.36.
Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted 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 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%.The firm's revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.53 earnings per share. Equities research analysts anticipate 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. Shareholders of record on Saturday, September 5th will be paid a $0.145 dividend. The ex-dividend date of this dividend 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 presently 25.78%.
Analysts Set New Price Targets
A number of research firms have commented on ONB. Citigroup raised their price target on Old National Bancorp from $29.00 to $31.00 and gave the company a "buy" rating in a report on Friday, July 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Royal Bank Of Canada increased their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 23rd. Barclays lifted their target price on Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, July 22nd. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Old National Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $29.36.
Get Our Latest Stock Report on ONB
Insider Buying and Selling
In other news, CEO Chady M. Alahmar sold 11,771 shares of the 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 transaction, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of the firm'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 completion of the transaction, the insider directly owned 53,544 shares of the company's stock, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.72% of the company's stock.
About Old National Bancorp
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding ONB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old National Bancorp (NASDAQ:ONB - Free Report).
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.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Old National Bancorp, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Old National Bancorp wasn't on the list.
While Old National Bancorp currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
