Wellington Management Group LLP Has $14.11 Million Stock Holdings in Old National Bancorp $ONB

Key Points

• Wellington Management reduced its Old National Bancorp stake by 22.6% in the second quarter, selling 158,749 shares and retaining 544,900 shares valued at approximately $14.11 million. Institutional investors collectively own 83.66% of the bank’s stock.
• Analysts remain generally positive, with nine Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $29.36. Recent targets ranged from $29 to $32.
• Old National Bancorp exceeded quarterly expectations, reporting $0.65 in EPS and $726.86 million in revenue, while revenue increased 13.2% year over year. The company also declared a quarterly dividend of $0.145 per share, equivalent to a 2.2% annualized yield.

Wellington Management Group LLP trimmed its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 22.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 544,900 shares of the bank's stock after selling 158,749 shares during the period. Wellington Management Group LLP owned about 0.14% of Old National Bancorp worth $14,113,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Archer Investment Corp acquired a new stake in Old National Bancorp during the 2nd quarter worth about $39,000. Kingsview Wealth Management LLC acquired a new position in shares of Old National Bancorp in the second quarter worth about $355,000. Glenview Trust Co purchased a new position in shares of Old National Bancorp in the second quarter worth approximately $369,000. United Capital Financial Advisors LLC purchased a new position in shares of Old National Bancorp in the second quarter worth approximately $2,040,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Old National Bancorp during the second quarter valued at approximately $806,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Old National Bancorp in a research report on Tuesday, September 1st. Barclays boosted their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Raymond James Financial began coverage on Old National Bancorp in a report on Tuesday, July 7th. They issued a "market perform" rating for the company. UBS Group initiated coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a "buy" rating and a $32.00 target price for the company. Finally, Royal Bank Of Canada lifted their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a "sector perform" rating in a report on Thursday, July 23rd. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $29.36.

Insider Buying and Selling at Old National Bancorp

In related news, insider Nicholas Chulos sold 20,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the completion of the sale, the insider directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chady Alahmar sold 11,771 shares of Old National Bancorp 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 sale, 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 position. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is currently owned by company insiders.

Old National Bancorp Stock Performance

Shares of ONB opened at $26.04 on Tuesday. The company's 50 day moving average price is $26.33 and its 200 day moving average price is $24.52. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.36. The company has a market capitalization of $9.96 billion, a PE ratio of 11.57 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94.

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

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be paid a $0.145 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. Old National Bancorp's dividend payout ratio is 25.78%.

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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