Corient Private Wealth LP Has $3.04 Million Holdings in Old National Bancorp $ONB

Key Points

• Corient Private Wealth reduced its Old National Bancorp stake by 33.3% in the second quarter, selling 58,408 shares and retaining 117,248 shares valued at approximately $3.04 million. Institutional investors collectively own 83.66% of the company.
• Analysts remain broadly positive on ONB, with ten Buy ratings and three Holds, an average “Moderate Buy” rating, and an average price target of $30.25 versus the reported share price of $25.25.
• Old National Bancorp reported quarterly EPS of $0.65, exceeding 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, equivalent to an annualized yield of about 2.3%.

Corient Private Wealth LP decreased its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 33.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,248 shares of the bank's stock after selling 58,408 shares during the quarter. Corient Private Wealth LP's holdings in Old National Bancorp were worth $3,037,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Old National Bancorp in the 2nd quarter valued at approximately $1,215,819,000. The Manufacturers Life Insurance Company acquired a new position in Old National Bancorp during the second quarter valued at approximately $134,610,000. Bank of America Corp DE acquired a new position in Old National Bancorp during the second quarter valued at approximately $100,301,000. William Blair Investment Management LLC bought a new stake in Old National Bancorp during the second quarter worth $99,283,000. Finally, Bank of New York Mellon Corp bought a new stake in Old National Bancorp during the second quarter worth $90,226,000. Institutional investors own 83.66% of the company's stock.

Insiders Place Their Bets

In other news, insider Nicholas Chulos sold 20,000 shares of the 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 sale, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This represents a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Chady 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 transaction, the chief executive officer directly owned 63,531 shares of the company's stock, 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. Corporate insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ONB. Piper Sandler initiated coverage on Old National Bancorp in a research report on Thursday, September 17th. They set an "overweight" rating and a $32.00 price objective for the company. TD Cowen boosted their target price on Old National Bancorp from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Citigroup raised their price target on shares of Old National Bancorp from $29.00 to $31.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Barclays lifted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Finally, UBS Group initiated coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They set a "buy" rating and a $32.00 price target for the company. Ten research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $30.25.

Old National Bancorp Trading Down 0.1%

Shares of ONB stock opened at $25.25 on Tuesday. The stock has a market cap of $9.66 billion, a price-to-earnings ratio of 11.22 and a beta of 0.83. The stock has a 50-day moving average of $26.20 and a 200-day moving average of $24.61. 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 1-year low of $19.39 and a 1-year high of $27.36.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $716.25 million. During the same period in the previous year, the firm earned $0.53 earnings per share. The firm's quarterly revenue was up 13.2% on a year-over-year basis. On average, equities research analysts forecast that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th were given a $0.145 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. Old National Bancorp's payout ratio is 25.78%.

Old National Bancorp Company Profile

Old National Bancorp NASDAQ: ONB is a regional financial services holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and wealth management services to individuals, families, businesses and institutions.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury and cash management services, credit and debit cards, online and mobile banking, and investment and wealth management services.

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