Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 40,563 Old National Bancorp $ONB

Key Points

• Connor Clark & Lunn Investment Management bought 40,563 shares of Old National Bancorp in the second quarter, valued at approximately $1.05 million. Institutional investors collectively own 83.66% of the bank’s stock.
• Old National Bancorp reported quarterly earnings of $0.65 per share, exceeding estimates of $0.63, while revenue rose 13.2% year over year to $726.86 million.
• The bank declared a quarterly dividend of $0.145 per share, equivalent to an annualized $0.58 dividend and a 2.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $29.36.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 40,563 shares of the bank's stock, valued at approximately $1,051,000.

Other institutional investors have also made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Old National Bancorp during the 2nd quarter worth about $207,000. Pinnacle Holdings LLC bought a new stake in Old National Bancorp during the 2nd quarter valued at approximately $1,465,000. Elevation Point Wealth Partners LLC acquired a new stake in Old National Bancorp in the 2nd quarter valued at approximately $803,000. William Blair Investment Management LLC acquired a new stake in Old National Bancorp in the 2nd quarter valued at approximately $99,283,000. Finally, Callan Family Office LLC acquired a new position in shares of Old National Bancorp during the second quarter worth approximately $303,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Performance

Shares of ONB opened at $25.85 on Monday. The stock's 50-day moving average price is $26.31 and its 200 day moving average price is $24.49. 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 firm has a market capitalization of $9.89 billion, a price-to-earnings ratio of 11.49 and a beta of 0.84. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.36.

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, topping 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 last year, the company earned $0.53 EPS. The company's quarterly revenue was up 13.2% on a year-over-year basis. As a group, research analysts predict that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Saturday, September 5th will be paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, September 4th. Old National Bancorp's dividend payout ratio is presently 25.78%.

Insider Buying and Selling at Old National Bancorp

In related news, insider Nicholas J. Chulos sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the transaction, the insider directly owned 53,544 shares of the company's stock, valued at $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction 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 sale, the chief executive officer owned 63,531 shares in the company, valued at $1,677,853.71. This represents a 15.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is owned by company insiders.

Analyst Ratings Changes

ONB has been the subject of several research reports. Truist Financial increased their price objective on Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. 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 research report on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Old National Bancorp in a research note on Thursday, June 4th. TD Cowen increased their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Finally, Raymond James Financial initiated coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They issued a "market perform" rating for the company. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Old National Bancorp currently has an average rating of "Moderate Buy" and an average target price 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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