Carlson Capital L.P. Grows Holdings in Old National Bancorp $ONB

Key Points

• Carlson Capital more than doubled its Old National Bancorp position in the first quarter, raising its holdings by 106.4% to 78,443 shares valued at approximately $1.73 million. Institutional investors collectively own 83.66% of ONB.
• Analysts maintain a favorable outlook, with nine Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $29.36. The bank also exceeded quarterly expectations, reporting $0.65 in EPS and $732.55 million in revenue.
• Old National Bancorp pays a quarterly dividend of $0.145 per share, equal to an annualized $0.58 dividend and a 2.2% yield. Meanwhile, two insiders—including the CEO—sold shares in late July.

Carlson Capital L.P. grew its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 106.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 78,443 shares of the bank's stock after acquiring an additional 40,443 shares during the period. Carlson Capital L.P.'s holdings in Old National Bancorp were worth $1,734,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Royal Bank of Canada raised its holdings in Old National Bancorp by 2.0% in the 1st quarter. Royal Bank of Canada now owns 214,065 shares of the bank's stock worth $4,536,000 after purchasing an additional 4,153 shares during the period. Jones Financial Companies Lllp boosted its position in Old National Bancorp by 87.8% during the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank's stock worth $269,000 after purchasing an additional 5,936 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Old National Bancorp by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank's stock valued at $60,263,000 after purchasing an additional 215,203 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Old National Bancorp by 7.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank's stock valued at $19,349,000 after purchasing an additional 64,110 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Old National Bancorp by 6.1% in the second quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank's stock valued at $1,149,000 after buying an additional 3,091 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONB has been the topic of a number of recent analyst reports. Truist Financial increased their target price on Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research report on Tuesday. Barclays boosted their price target 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. Raymond James Financial initiated coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a "market perform" rating for the company. UBS Group started coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They set a "buy" rating and a $32.00 price objective on the stock. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.36.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB opened at $26.64 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.90. The business's 50 day moving average price is $25.43 and its 200-day moving average price is $24.15. The firm has a market capitalization of $10.19 billion, a PE ratio of 11.84 and a beta of 0.83. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.32.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $732.55 million during the quarter, compared to analysts' expectations of $716.25 million. During the same period in the previous year, the business earned $0.53 earnings per share. The firm's revenue for the quarter was up 13.2% on a year-over-year basis. As a group, equities research analysts expect that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. Old National Bancorp's dividend payout ratio is presently 25.78%.

Insiders Place Their Bets

In other news, insider Nicholas J. Chulos sold 20,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following 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. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Chady M. Alahmar sold 11,771 shares of the business's 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 in the company, valued at $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is owned by corporate insiders.

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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