Old National Bancorp $ONB Stock Holdings Lessened by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management cut its Old National Bancorp stake by 45.2% in the third quarter, selling 121,131 shares and ending the period with 146,712 shares valued at about $3.6 million. Institutional investors and hedge funds collectively own 83.66% of the stock.
• Analysts maintain a “Moderate Buy” consensus, with 12 Buy ratings and two Hold ratings and a consensus price target of $29.64.
• Old National reported quarterly earnings of $0.66 per share, matching estimates, while revenue of $719 million fell short of expectations. It pays an annualized dividend of $0.58 per share, a yield of about 2.3% at the price cited.

Kornitzer Capital Management Inc. KS trimmed its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 45.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,712 shares of the bank's stock after selling 121,131 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Old National Bancorp were worth $3,615,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Valeo Financial Advisors LLC grew its stake in shares of Old National Bancorp by 1.9% during the third quarter. Valeo Financial Advisors LLC now owns 27,233 shares of the bank's stock worth $671,000 after buying an additional 514 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Old National Bancorp by 16.0% in the 3rd quarter. Parallel Advisors LLC now owns 4,841 shares of the bank's stock valued at $119,000 after purchasing an additional 669 shares during the last quarter. Fortitude Family Office LLC grew its holdings in Old National Bancorp by 313.5% during the 3rd quarter. Fortitude Family Office LLC now owns 1,075 shares of the bank's stock worth $26,000 after acquiring an additional 815 shares during the period. Quadrant Capital Group LLC increased its holdings in Old National Bancorp by 2.9% in the third quarter. Quadrant Capital Group LLC now owns 32,349 shares of the bank's stock worth $796,000 after purchasing an additional 903 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Old National Bancorp by 10.2% in the 3rd quarter. GAMMA Investing LLC now owns 12,191 shares of the bank's stock valued at $300,000 after acquiring an additional 1,131 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ONB has been the subject of several recent research reports. Piper Sandler started coverage on shares of Old National Bancorp in a research report on Thursday, September 17th. They set an "overweight" rating and a $32.00 target price for the company. Jefferies Financial Group restated a "hold" rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday, July 22nd. Weiss Ratings upgraded Old National Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, October 26th. JPMorgan Chase & Co. lowered their price target on shares of Old National Bancorp from $30.00 to $29.00 and set an "overweight" rating on the stock in a research report on Thursday, October 22nd. Finally, Royal Bank Of Canada dropped their price objective on Old National Bancorp from $29.00 to $28.00 and set a "sector perform" rating on the stock in a report on Friday, October 9th. Twelve investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $29.64.

Insiders Place Their Bets

In related news, CFO John Moran sold 19,261 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $25.57, for a total value of $492,503.77. Following the completion of the transaction, the chief financial officer directly owned 101,467 shares in the company, valued at $2,594,511.19. This trade represents a 15.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is currently owned by insiders.

Old National Bancorp Price Performance

ONB opened at $24.93 on Monday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.93 and a quick ratio of 0.93. The stock's 50 day simple moving average is $25.18 and its 200 day simple moving average is $24.67. The firm has a market cap of $9.43 billion, a price-to-earnings ratio of 10.18 and a beta of 0.88. Old National Bancorp has a 1 year low of $19.60 and a 1 year high of $27.36.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, hitting analysts' consensus estimates of $0.66. The company had revenue of $719.00 million during the quarter, compared to analyst estimates of $732.04 million. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. During the same period in the prior year, the business posted $0.59 earnings per share. As a group, analysts predict that Old National Bancorp will post 2.57 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were paid a $0.1450 dividend. This represents a $0.58 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, September 4th. Old National Bancorp's dividend payout ratio is presently 23.67%.

Old National Bancorp Profile

Old National Bancorp is a regional bank holding company headquartered in Evansville, Indiana. Founded in 1834, it operates primarily through Old National Bank, serving individuals, businesses and organizations across the Midwest.

The company offers consumer and commercial banking services, including checking and savings accounts, loans, mortgages, treasury management and digital banking. It also provides wealth management and trust services, as well as solutions for businesses and institutional clients.

Old National has expanded over its history through organic growth and acquisitions, building a presence in markets including Indiana, Illinois, Michigan, Wisconsin, Minnesota and Kentucky.

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