Old National Bancorp $ONB Shares Acquired by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its stake in Old National Bancorp to 17,504,936 shares (about 4.48% ownership) after buying 180,156 shares in Q3, a position valued at roughly $384.2 million.
• Insider Nicholas J. Chulos sold 30,000 shares at an average price of $25.05 on Feb. 3, cutting his holding by 59.48% to 20,438 shares.
• Old National declared a quarterly dividend of $0.145 ($0.58 annualized, ~2.5% yield) payable May 16 (record/ex-dividend date May 5), and analysts maintain a consensus Moderate Buy with an average price target of $27.45 after multiple upgrades.

Dimensional Fund Advisors LP lifted its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 1.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,504,936 shares of the bank's stock after purchasing an additional 180,156 shares during the period. Dimensional Fund Advisors LP owned approximately 4.48% of Old National Bancorp worth $384,236,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ONB. MAI Capital Management increased its holdings in Old National Bancorp by 156.8% in the third quarter. MAI Capital Management now owns 1,153 shares of the bank's stock valued at $25,000 after buying an additional 704 shares in the last quarter. Covestor Ltd grew its holdings in shares of Old National Bancorp by 157.0% in the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank's stock worth $27,000 after acquiring an additional 755 shares during the period. Rothschild Investment LLC grew its holdings in shares of Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank's stock worth $28,000 after acquiring an additional 535 shares during the period. Hantz Financial Services Inc. increased its stake in Old National Bancorp by 310.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank's stock valued at $33,000 after purchasing an additional 1,159 shares in the last quarter. Finally, First Horizon Corp acquired a new position in Old National Bancorp during the third quarter worth $39,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Buying and Selling

In other news, insider Nicholas J. Chulos sold 30,000 shares of the company's stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total transaction of $751,500.00. Following the completion of the transaction, the insider owned 20,438 shares of the company's stock, valued at $511,971.90. This represents a 59.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.87% of the stock is owned by company insiders.

Analysts Set New Price Targets

ONB has been the topic of several recent research reports. UBS Group reiterated a "neutral" rating and issued a $26.00 price objective on shares of Old National Bancorp in a research report on Wednesday, February 4th. TD Cowen raised shares of Old National Bancorp from a "hold" rating to a "buy" rating and upped their price target for the company from $27.00 to $30.00 in a report on Thursday, January 22nd. National Bank Financial set a $30.00 price target on shares of Old National Bancorp in a research report on Thursday, January 22nd. Stephens lifted their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock an "overweight" rating in a research report on Thursday, January 22nd. Finally, Citigroup upped their target price on Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Old National Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $27.45.

Old National Bancorp Stock Down 2.7%

Shares of NASDAQ ONB opened at $22.90 on Friday. The firm has a market cap of $8.92 billion, a P/E ratio of 12.79 and a beta of 0.84. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.93 and a current ratio of 0.93. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $26.17. The firm's 50 day moving average price is $23.91 and its 200 day moving average price is $22.53.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.03. The company had revenue of $698.53 million for the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.During the same quarter in the prior year, the company posted $0.49 EPS. As a group, sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, May 16th. Shareholders of record on Tuesday, May 5th will be paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, May 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 32.40%.

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.

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