The Manufacturers Life Insurance Company Purchases New Stake in Old National Bancorp $ONB

Key Points

• The Manufacturers Life Insurance Company acquired 5.2 million Old National Bancorp shares worth approximately $134.6 million, representing a 1.36% stake. Institutional investors and hedge funds collectively own 83.66% of ONB.
• 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.
• Old National Bancorp exceeded quarterly earnings expectations, reporting $0.65 EPS and $726.9 million in revenue, while announcing a quarterly dividend of $0.145 per share. Separately, the CEO and another insider sold shares in late July.

The Manufacturers Life Insurance Company acquired a new position in Old National Bancorp (NASDAQ:ONB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 5,197,295 shares of the bank's stock, valued at approximately $134,610,000. The Manufacturers Life Insurance Company owned approximately 1.36% of Old National Bancorp at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ONB. Kemnay Advisory Services Inc. acquired a new position in shares of Old National Bancorp in the 4th quarter valued at about $27,000. Los Angeles Capital Management LLC purchased a new position in Old National Bancorp during the fourth quarter valued at approximately $36,000. Peterson Wealth Services increased its stake in Old National Bancorp by 9,711.8% in the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank's stock valued at $37,000 after buying an additional 1,651 shares during the period. FNY Investment Advisers LLC purchased a new stake in Old National Bancorp in the 2nd quarter worth approximately $49,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Old National Bancorp in the 4th quarter worth approximately $54,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on ONB. Raymond James Financial began coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a "market perform" rating for the company. UBS Group began coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a "buy" rating and a $32.00 price target on the stock. Royal Bank Of Canada upped their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a "sector perform" rating in a report on Thursday, July 23rd. Barclays increased their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $29.36.

Insider Buying and Selling

In related news, insider Nicholas J. Chulos sold 20,000 shares of the company's stock in a transaction on 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 transaction, the insider directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. This represents a 27.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Chady M. Alahmar sold 11,771 shares of the company's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the transaction, the chief executive officer owned 63,531 shares of the company's stock, valued at $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.72% of the company's stock.

Old National Bancorp Stock Down 0.2%

NASDAQ ONB opened at $25.77 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a 50-day simple moving average of $26.23 and a 200 day simple moving average of $24.48. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $27.36. The stock has a market cap of $9.86 billion, a PE ratio of 11.45 and a beta of 0.84.

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 quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.53 earnings per share. On average, research analysts forecast that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Announces Dividend

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

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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