Old National Bancorp (NASDAQ:ONB) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in shares of Old National Bancorp (NASDAQ:ONB) by 6.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,544,124 shares of the bank’s stock after purchasing an additional 203,088 shares during the period. Bank of New York Mellon Corp owned approximately 1.11% of Old National Bancorp worth $60,923,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Truist Financial Corp lifted its position in shares of Old National Bancorp by 6.7% in the 4th quarter. Truist Financial Corp now owns 232,081 shares of the bank’s stock valued at $3,920,000 after acquiring an additional 14,666 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Old National Bancorp by 1.5% in the fourth quarter. Russell Investments Group Ltd. now owns 225,818 shares of the bank’s stock worth $3,814,000 after buying an additional 3,239 shares during the period. Retirement Systems of Alabama grew its holdings in shares of Old National Bancorp by 0.3% during the fourth quarter. Retirement Systems of Alabama now owns 366,492 shares of the bank’s stock valued at $6,190,000 after buying an additional 1,163 shares in the last quarter. Natixis Advisors L.P. raised its position in Old National Bancorp by 23.5% during the fourth quarter. Natixis Advisors L.P. now owns 266,797 shares of the bank’s stock valued at $4,505,000 after buying an additional 50,685 shares during the period. Finally, Sapient Capital LLC acquired a new position in Old National Bancorp during the fourth quarter valued at $752,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Trading Up 1.1 %

Old National Bancorp stock opened at $19.85 on Friday. Old National Bancorp has a one year low of $12.36 and a one year high of $20.43. The company’s fifty day moving average price is $18.47 and its two-hundred day moving average price is $17.24. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market capitalization of $6.33 billion, a price-to-earnings ratio of 10.73 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. The business had revenue of $750.93 million for the quarter, compared to analyst estimates of $474.10 million. During the same quarter in the prior year, the firm posted $0.54 EPS. On average, analysts forecast that Old National Bancorp will post 1.85 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Thursday, September 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Thursday, September 5th. Old National Bancorp’s dividend payout ratio is 30.27%.

Insider Transactions at Old National Bancorp

In related news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the transaction, the chief executive officer now directly owns 50,001 shares in the company, valued at approximately $795,015.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of the sale, the chief executive officer now owns 50,001 shares in the company, valued at approximately $795,015.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of Old National Bancorp stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the completion of the transaction, the chief executive officer now directly owns 287,409 shares in the company, valued at $5,730,935.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,165 shares of company stock worth $1,168,424. 1.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ONB. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 21st. Hovde Group began coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price objective on the stock. Royal Bank of Canada lifted their target price on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. Finally, Barclays upped their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.63.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.