Hsbc Holdings PLC Invests $3.85 Million in Old National Bancorp $ONB

Key Points

• HSBC Holdings purchased 148,729 shares of Old National Bancorp worth approximately $3.85 million, while institutional investors collectively own 83.66% of the bank’s stock.
• Old National Bancorp exceeded quarterly expectations, reporting $0.65 in EPS versus the $0.63 consensus estimate and revenue of $726.86 million, up 13.2% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $29.36, while the company’s $0.145 quarterly dividend represents a 2.2% yield.

Hsbc Holdings PLC purchased a new stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 148,729 shares of the bank's stock, valued at approximately $3,852,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of America Corp DE increased its holdings in shares of Old National Bancorp by 2.5% in the 1st quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank's stock worth $93,462,000 after purchasing an additional 102,956 shares in the last quarter. Algebris UK Ltd. lifted its holdings in shares of Old National Bancorp by 57.9% during the fourth quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank's stock valued at $41,160,000 after purchasing an additional 675,873 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Old National Bancorp by 200.0% during the first quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank's stock valued at $3,387,000 after purchasing an additional 102,159 shares in the last quarter. Easterly Investment Partners LLC boosted its position in shares of Old National Bancorp by 27.4% during the fourth quarter. Easterly Investment Partners LLC now owns 282,948 shares of the bank's stock valued at $6,313,000 after buying an additional 60,829 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Old National Bancorp during the second quarter valued at $9,460,000. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Price Performance

ONB stock opened at $25.85 on Friday. The company has a market cap of $9.89 billion, a price-to-earnings ratio of 11.49 and a beta of 0.84. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. The business's 50-day moving average is $26.31 and its two-hundred day moving average is $24.49. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating 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 business had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same period in the previous year, the company posted $0.53 EPS. The business's quarterly revenue was up 13.2% compared to the same quarter last year. As a group, analysts forecast that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Citigroup boosted their target price 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. UBS Group initiated coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a "buy" rating and a $32.00 price target for the company. Truist Financial boosted their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. TD Cowen increased their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Finally, Jefferies Financial Group restated a "hold" rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $29.36.

Insider Buying and Selling

In other news, insider Nicholas J. Chulos sold 20,000 shares of the business's 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 owned 53,544 shares of the company's stock, valued at $1,427,483.04. The trade was a 27.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Chady M. Alahmar sold 11,771 shares of the firm's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the transaction, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.72% of the stock is currently owned by corporate insiders.

About Old National Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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