Quantinno Capital Management LP Purchases 102,159 Shares of Old National Bancorp $ONB

Key Points

• Quantinno Capital Management increased its Old National Bancorp stake by 200% in the first quarter, adding 102,159 shares to reach 153,244 shares worth approximately $3.39 million. Institutional investors collectively own 83.66% of the bank.
• Old National Bancorp exceeded quarterly expectations, reporting $0.65 in EPS versus the $0.63 consensus and revenue of $726.86 million, up 13.2% year over year. The bank also maintains a $0.145 quarterly dividend, equating to a 2.2% yield.
• Analysts maintain a favorable outlook, with nine Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $29.36, above the reported share price of $26.56.

Quantinno Capital Management LP lifted its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 200.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 153,244 shares of the bank's stock after purchasing an additional 102,159 shares during the quarter. Quantinno Capital Management LP's holdings in Old National Bancorp were worth $3,387,000 as of its most recent SEC filing.

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

Old National Bancorp Stock Down 0.4%

Shares of Old National Bancorp stock opened at $26.56 on Friday. The stock's 50-day moving average is $25.71 and its 200 day moving average is $24.29. Old National Bancorp has a one year low of $19.39 and a one year high of $27.36. The firm has a market cap of $10.16 billion, a price-to-earnings ratio of 11.80 and a beta of 0.84. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. The firm had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The company's revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.53 earnings per share. Equities research analysts anticipate that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a dividend of $0.145 per share. The ex-dividend date was Friday, June 5th. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. Old National Bancorp's dividend payout ratio is currently 25.78%.

Insider Activity

In related news, insider Nicholas J. Chulos sold 20,000 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the sale, the insider directly 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 filing with the SEC, which is available at the SEC website. Also, CEO Chady M. Alahmar sold 11,771 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.72% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Barclays boosted their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. TD Cowen lifted their target price on Old National Bancorp from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Raymond James Financial began coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a "market perform" rating on the stock. Stephens lifted their target price on Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Old National Bancorp presently 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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