Deutsche Bank AG Makes New $9.46 Million Investment in Old National Bancorp $ONB

Key Points

• Deutsche Bank initiated a $9.46 million position in Old National Bancorp, purchasing 365,249 shares and joining other institutional investors; institutions collectively own 83.66% of the stock.
• Analysts maintain a favorable outlook, with nine Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $29.36.
• Old National exceeded quarterly expectations with $0.65 in EPS and $726.86 million in revenue, while announcing a quarterly dividend of $0.145 per share, representing a 2.2% annualized yield.

Deutsche Bank AG bought a new stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 365,249 shares of the bank's stock, valued at approximately $9,460,000. Deutsche Bank AG owned approximately 0.10% of Old National Bancorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. OneDigital Investment Advisors LLC purchased a new stake in shares of Old National Bancorp in the second quarter worth about $239,000. Global Retirement Partners LLC bought a new position in shares of Old National Bancorp in the second quarter valued at approximately $136,000. 1ST Source Bank purchased a new position in Old National Bancorp during the second quarter valued at approximately $325,000. Bank of New York Mellon Corp purchased a new position in Old National Bancorp during the second quarter valued at approximately $90,226,000. Finally, State of Wyoming bought a new stake in Old National Bancorp during the 2nd quarter worth approximately $152,000. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ONB has been the topic of several recent analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Raymond James Financial began coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a "market perform" rating for the company. 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 report on Tuesday, July 28th. Citigroup increased their price objective on Old National Bancorp from $29.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Finally, Barclays lifted their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from 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

NASDAQ:ONB opened at $25.81 on Monday. The company has a market capitalization of $9.87 billion, a price-to-earnings ratio of 11.47 and a beta of 0.84. The business has a 50 day moving average of $26.21 and a 200 day moving average of $24.48. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. 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 issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.02. The business had revenue of $726.86 million for the quarter, compared to analysts' expectations of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business's quarterly revenue was up 13.2% on a year-over-year basis. During the same period last year, the business earned $0.53 earnings per share. On average, sell-side analysts predict that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be paid a $0.145 dividend. The ex-dividend date of this dividend is Friday, September 4th. 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 25.78%.

Insiders Place Their Bets

In related news, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction on Thursday, July 30th. The shares were 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 approximately $1,677,853.71. This trade represents a 15.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction on 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. The trade was a 27.19% decrease in their position. The SEC filing for this sale provides additional information. 0.72% of the stock is currently 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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