California State Teachers Retirement System Increases Position in Old National Bancorp $ONB

Key Points

• California State Teachers Retirement System increased its Old National Bancorp stake by 26.8% in the first quarter, bringing its holdings to 421,234 shares valued at approximately $9.3 million. Institutional investors collectively own 83.66% of the company.
• Old National Bancorp exceeded quarterly earnings and revenue expectations, reporting $0.65 earnings per share on $732.55 million in revenue, with revenue up 13.2% year over year. The company also pays a quarterly dividend of $0.145 per share, yielding about 2.2%.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $29.36, compared with the stock’s reported price of $26.85. However, two insiders—including the CEO—recently sold shares.

California State Teachers Retirement System increased its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 26.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 421,234 shares of the bank's stock after purchasing an additional 89,059 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of Old National Bancorp worth $9,309,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Old National Bancorp by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank's stock valued at $395,193,000 after buying an additional 310,352 shares in the last quarter. State Street Corp raised its stake in shares of Old National Bancorp by 5.6% during the 3rd quarter. State Street Corp now owns 16,665,897 shares of the bank's stock worth $365,816,000 after acquiring an additional 890,309 shares in the last quarter. Geode Capital Management LLC lifted its position in Old National Bancorp by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank's stock valued at $215,958,000 after acquiring an additional 91,341 shares during the last quarter. First Trust Advisors LP lifted its position in Old National Bancorp by 37.5% during the fourth quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank's stock valued at $160,381,000 after acquiring an additional 1,961,525 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Old National Bancorp by 69.8% in the fourth 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 own 83.66% of the company's stock.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $26.85 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.95. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $27.32. The company has a 50 day simple moving average of $25.49 and a two-hundred day simple moving average of $24.19. The stock has a market cap of $10.27 billion, a price-to-earnings ratio of 11.93 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The firm had revenue of $732.55 million for the quarter, compared to analyst estimates of $716.25 million. During the same quarter in the prior year, the business earned $0.53 earnings per share. The business's quarterly revenue was up 13.2% compared to the same quarter last year. As a group, analysts predict that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were given 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 was Friday, June 5th. Old National Bancorp's dividend payout ratio (DPR) is currently 25.78%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Raymond James Financial started coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They issued a "market perform" rating on the stock. UBS Group initiated coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a "buy" rating and a $32.00 price objective for the company. Royal Bank Of Canada boosted their target price on 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. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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 dated Tuesday, July 28th. The stock was 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 trade represents a 27.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 in the company, valued at approximately $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 company insiders.

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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