Old National Bancorp $ONB Shares Acquired by Sei Investments Co.

Key Points

• Sei Investments increased its Old National Bancorp stake by 18.9% in the first quarter, adding 109,709 shares to own 690,773 shares valued at approximately $15.3 million. Institutional investors and hedge funds collectively own 83.66% of the bank’s stock.
• Old National Bancorp reported quarterly EPS of $0.65, exceeding the $0.63 analyst consensus, while revenue of $732.55 million also topped estimates and rose 13.2% year over year.
• The stock recently traded at $26.41, while analysts maintain a “Moderate Buy” consensus with an average price target of $29.36. The company also pays a quarterly dividend of $0.145, equivalent to a 2.2% annual yield.

Sei Investments Co. lifted its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 18.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 690,773 shares of the bank's stock after acquiring an additional 109,709 shares during the period. Sei Investments Co. owned approximately 0.18% of Old National Bancorp worth $15,266,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new position in shares of Old National Bancorp in the 4th quarter valued at approximately $27,000. Flagship Harbor Advisors LLC acquired a new position in Old National Bancorp during the 4th quarter valued at approximately $28,000. Los Angeles Capital Management LLC purchased a new position in shares of Old National Bancorp in the fourth quarter worth $36,000. Peterson Wealth Services raised its holdings in shares of Old National Bancorp by 9,711.8% in the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank's stock worth $37,000 after buying an additional 1,651 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Old National Bancorp during the fourth quarter worth $54,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Trading Down 1.0%

Shares of Old National Bancorp stock opened at $26.41 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a fifty day moving average price of $25.37 and a 200 day moving average price of $24.14. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.32. The stock has a market cap of $10.20 billion, a PE ratio of 11.74 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its 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. The company had revenue of $732.55 million during the quarter, compared to the consensus estimate of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 16.16%. The firm's quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 earnings per share. Equities research analysts predict that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were paid a $0.145 dividend. The ex-dividend date was Friday, June 5th. 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 presently 25.78%.

Insider Activity at Old National Bancorp

In related news, insider Nicholas J. Chulos sold 20,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction 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 trade represents a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ONB shares. Royal Bank Of Canada upped their target price on Old National Bancorp from $28.00 to $29.00 and gave the company a "sector perform" rating in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their price target on Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a research report on Thursday, April 23rd. UBS Group began coverage on Old National Bancorp in a research note on Tuesday, July 7th. They set a "buy" rating and a $32.00 price target on the stock. Jefferies Financial Group reissued a "hold" rating and issued a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday, July 22nd. Finally, Raymond James Financial assumed coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a "market perform" rating for the company. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $29.36.

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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