BlackRock Inc. Acquires New Position in Old National Bancorp $ONB

Key Points

• BlackRock acquired 46.9 million shares of Old National Bancorp during the second quarter, worth approximately $1.22 billion and representing a 12.27% stake. Institutional investors and hedge funds collectively own 83.66% of the bank.
• Old National Bancorp reported quarterly EPS of $0.65, beating estimates by $0.02, while revenue rose 13.2% year over year to $726.86 million. The company also declared a quarterly dividend of $0.145 per share, producing a 2.2% annualized yield.
• Analyst sentiment is broadly positive, with nine Buy ratings and three Holds and a consensus price target of $29.36, compared with the stock’s reported price of $25.81. However, two insiders recently sold shares, reducing their individual holdings.

BlackRock Inc. bought a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 46,942,833 shares of the bank's stock, valued at approximately $1,215,819,000. BlackRock Inc. owned about 12.27% of Old National Bancorp as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Carlson Capital L.P. raised its position in shares of Old National Bancorp by 1.1% in the fourth quarter. Carlson Capital L.P. now owns 38,000 shares of the bank's stock valued at $848,000 after buying an additional 400 shares during the last quarter. Glenmede Investment Management LP boosted its holdings in shares of Old National Bancorp by 1.0% in the 3rd quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank's stock valued at $1,362,000 after purchasing an additional 625 shares during the last quarter. Teza Capital Management LLC grew its position in Old National Bancorp by 6.8% during the second quarter. Teza Capital Management LLC now owns 10,993 shares of the bank's stock valued at $235,000 after acquiring an additional 702 shares during the period. CIBC Private Wealth Group LLC increased its stake in Old National Bancorp by 4.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 16,863 shares of the bank's stock worth $376,000 after acquiring an additional 703 shares during the last quarter. Finally, HB Wealth Management LLC grew its holdings in shares of Old National Bancorp by 5.9% during the 4th quarter. HB Wealth Management LLC now owns 13,147 shares of the bank's stock worth $293,000 after purchasing an additional 730 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the transaction, the chief executive officer owned 63,531 shares of the company's stock, valued at $1,677,853.71. The trade was a 15.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the company'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 transaction, the insider owned 53,544 shares in the company, valued at approximately $1,427,483.04. This represents a 27.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.72% of the company's stock.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $25.81 on Friday. The company has a market capitalization of $9.87 billion, a price-to-earnings ratio of 11.47 and a beta of 0.84. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $27.36. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.95. The firm has a 50-day moving average of $26.21 and a two-hundred day moving average of $24.48.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced 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 company had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same quarter in the prior year, the firm earned $0.53 EPS. The company's quarterly revenue was up 13.2% compared to the same quarter last year. As a group, analysts expect 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. Shareholders of record on Saturday, September 5th will be paid a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 4th. Old National Bancorp's payout ratio is 25.78%.

Analysts Set New Price Targets

A number of analysts recently weighed in on ONB shares. Truist Financial upped their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Jefferies Financial Group reissued a "hold" rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Royal Bank Of Canada lifted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 23rd. UBS Group initiated coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a "buy" rating and a $32.00 price target on the stock. Finally, Raymond James Financial began coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They issued a "market perform" rating on the stock. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $29.36.

Old National Bancorp Company 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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