Glenmede Trust Co. NA Has $1.91 Million Stock Holdings in Old National Bancorp $ONB

Key Points

• Glenmede Trust increased its Old National Bancorp stake by 114.6% in the first quarter, bringing its holdings to 86,319 shares worth approximately $1.91 million. Institutional investors collectively own 83.66% of the company.
• Analysts remain broadly positive, with nine Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $29.36.
• Old National Bancorp beat quarterly expectations, reporting $0.65 in earnings per share and $726.86 million in revenue, while maintaining a quarterly dividend of $0.145 per share, equivalent to a 2.1% annual yield.

Glenmede Trust Co. NA grew its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 114.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 86,319 shares of the bank's stock after purchasing an additional 46,094 shares during the period. Glenmede Trust Co. NA's holdings in Old National Bancorp were worth $1,908,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in Old National Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank's stock valued at $395,193,000 after acquiring an additional 310,352 shares during the last quarter. State Street Corp lifted its holdings in shares of Old National Bancorp by 5.6% in the third 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 during the last quarter. Geode Capital Management LLC boosted its stake in shares of Old National Bancorp by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank's stock valued at $215,958,000 after purchasing an additional 91,341 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Old National Bancorp by 37.5% in the 4th quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank's stock valued at $160,381,000 after purchasing an additional 1,961,525 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Old National Bancorp by 69.8% during the 4th quarter. Morgan Stanley now owns 6,776,716 shares of the bank's stock valued at $151,189,000 after purchasing an additional 2,785,474 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on ONB shares. Citigroup increased their target price on Old National Bancorp from $29.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods upped their price objective on Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Barclays raised their price objective 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. Weiss Ratings restated a "buy (b)" rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Finally, Truist Financial raised their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Old National Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.36.

Insider Transactions at Old National Bancorp

In related news, CEO Chady M. Alahmar sold 11,771 shares of the company'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 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of the firm's stock in a transaction that occurred 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 sale, the insider directly owned 53,544 shares of the company's stock, valued at $1,427,483.04. This represents a 27.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.72% of the company's stock.

Old National Bancorp Stock Down 0.6%

Old National Bancorp stock opened at $27.00 on Thursday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.36. The firm has a 50 day moving average price of $25.60 and a two-hundred day moving average price of $24.25. The firm has a market cap of $10.33 billion, a price-to-earnings ratio of 12.00 and a beta of 0.84.

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, beating 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 company had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. During the same period in the prior year, the firm posted $0.53 EPS. The company's quarterly revenue was up 13.2% on a year-over-year basis. Equities analysts predict that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, June 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 25.78%.

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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