Squarepoint Ops LLC Has $25.85 Million Stake in Old National Bancorp $ONB

Key Points

• Squarepoint Ops increased its Old National Bancorp stake by 22.3% in the second quarter, reaching 998,157 shares valued at approximately $25.85 million. Institutional investors collectively own 83.66% of the company.
• Analysts maintain a generally positive outlook, with nine Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $29.36.
• Old National exceeded quarterly expectations, reporting $0.65 in EPS and $726.86 million in revenue, while revenue rose 13.2% year over year. The bank also announced a $0.145 quarterly dividend, equivalent to a 2.3% annualized yield.

Squarepoint Ops LLC raised its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 22.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 998,157 shares of the bank's stock after purchasing an additional 181,976 shares during the quarter. Squarepoint Ops LLC owned 0.26% of Old National Bancorp worth $25,852,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Bank of America Corp DE grew its position in Old National Bancorp by 2.5% in the 1st quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank's stock worth $93,462,000 after purchasing an additional 102,956 shares in the last quarter. Algebris UK Ltd. lifted its position in shares of Old National Bancorp by 57.9% during the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank's stock worth $41,160,000 after buying an additional 675,873 shares in the last quarter. Quantinno Capital Management LP boosted its stake in shares of Old National Bancorp by 200.0% in the 1st quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank's stock worth $3,387,000 after buying an additional 102,159 shares during the last quarter. Deutsche Bank AG purchased a new position in shares of Old National Bancorp in the 2nd quarter worth approximately $9,460,000. Finally, Norges Bank bought a new position in shares of Old National Bancorp in the fourth quarter valued at approximately $72,661,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ONB. Raymond James Financial started coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a "market perform" rating on the stock. Royal Bank Of Canada raised 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. 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. Weiss Ratings reissued a "buy (b)" rating on shares of Old National Bancorp in a report on Tuesday, September 1st. Finally, Barclays increased their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $29.36.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $25.61 on Wednesday. The stock has a market cap of $9.80 billion, a P/E ratio of 11.38 and a beta of 0.83. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. The business's 50-day moving average price is $26.32 and its two-hundred day moving average price is $24.53. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $27.36.

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, topping the consensus estimate of $0.63 by $0.02. The firm had revenue of $726.86 million during 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 quarter in the previous year, the company posted $0.53 earnings per share. As a group, equities analysts predict that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th will be given a $0.145 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. Old National Bancorp's payout ratio is presently 25.78%.

Insider Buying and Selling

In other news, CEO Chady Alahmar sold 11,771 shares of the business'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 transaction of $310,872.11. Following the transaction, the chief executive officer directly owned 63,531 shares of the company's stock, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Chulos sold 20,000 shares of the business's stock in a transaction 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 directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.72% of the company's stock.

Old National Bancorp Company 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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