Old National Bancorp $ONB Stock Position Reduced by Leeward Investments LLC MA

Key Points

• Leeward Investments reduced its Old National Bancorp position by 5.5% in the third quarter, selling 48,429 shares and retaining 837,075 shares valued at approximately $20.6 million. Institutional investors collectively own 83.66% of ONB.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $29.64, compared with the stock’s reported price of $25.32.
• Old National Bancorp reported quarterly EPS of $0.66, matching estimates, while revenue of $719.5 million fell short of the $732.04 million consensus. The company also pays a quarterly dividend of $0.145 per share, representing a 2.3% annualized yield.

Leeward Investments LLC MA decreased its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 5.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 837,075 shares of the bank's stock after selling 48,429 shares during the quarter. Old National Bancorp comprises about 1.0% of Leeward Investments LLC MA's holdings, making the stock its 29th largest position. Leeward Investments LLC MA owned 0.22% of Old National Bancorp worth $20,626,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brucke Financial Inc. acquired a new position in shares of Old National Bancorp in the third quarter valued at approximately $295,000. Signaturefd LLC lifted its stake in shares of Old National Bancorp by 58.9% during the third quarter. Signaturefd LLC now owns 7,108 shares of the bank's stock valued at $175,000 after buying an additional 2,636 shares during the period. Citizens Financial Group Inc. RI purchased a new position in shares of Old National Bancorp during the third quarter valued at approximately $431,000. MBL Wealth LLC purchased a new position in shares of Old National Bancorp during the third quarter valued at approximately $230,000. Finally, Root Financial Partners LLC acquired a new stake in Old National Bancorp during the third quarter worth approximately $53,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on ONB. Jefferies Financial Group reaffirmed a "hold" rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Wells Fargo & Company began coverage on Old National Bancorp in a report on Thursday, September 24th. They issued an "overweight" rating and a $30.00 price target for the company. Barclays increased their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Weiss Ratings restated a "buy (b)" rating on shares of Old National Bancorp in a report on Tuesday, September 1st. Finally, National Bank Financial set a $32.00 price objective on Old National Bancorp in a report on Friday, September 11th. Twelve equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $29.64.

Old National Bancorp Price Performance

ONB opened at $25.32 on Monday. Old National Bancorp has a 12 month low of $19.60 and a 12 month high of $27.36. The business has a 50-day moving average of $25.35 and a two-hundred day moving average of $25.12. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of 10.33 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66. Old National Bancorp had a net margin of 23.36% and a return on equity of 16.55%. The business had revenue of $719.50 million for the quarter, compared to analyst estimates of $732.04 million. During the same period in the prior year, the firm posted $0.59 EPS. On average, research analysts expect that Old National Bancorp will post 2.58 earnings per share for the current year.

Old National Bancorp Dividend Announcement

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

Insider Activity at Old National Bancorp

In other Old National Bancorp news, insider Nicholas Chulos sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the insider 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 document filed with the SEC, which is accessible through this hyperlink. Also, CEO Chady Alahmar sold 11,771 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following 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 position. The SEC filing for this sale provides additional information. Corporate insiders own 0.72% of the company's stock.

Old National Bancorp Profile

Old National Bancorp NASDAQ: ONB is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.

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