Cibc World Market Inc. Buys New Shares in Old National Bancorp $ONB

Cibc World Market Inc. purchased a new position in shares of Old National Bancorp (NASDAQ:ONB) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 30,000 shares of the bank’s stock, valued at approximately $658,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ONB. American Century Companies Inc. lifted its stake in Old National Bancorp by 2.5% in the second quarter. American Century Companies Inc. now owns 12,631,487 shares of the bank’s stock worth $269,556,000 after acquiring an additional 309,812 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Old National Bancorp by 4.6% in the 2nd quarter. Geode Capital Management LLC now owns 8,813,765 shares of the bank’s stock valued at $188,105,000 after purchasing an additional 389,556 shares in the last quarter. Norges Bank purchased a new stake in shares of Old National Bancorp during the 2nd quarter worth $79,396,000. The Manufacturers Life Insurance Company grew its stake in shares of Old National Bancorp by 4.4% during the second quarter. The Manufacturers Life Insurance Company now owns 3,712,441 shares of the bank’s stock worth $79,223,000 after purchasing an additional 155,004 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Old National Bancorp by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 3,488,836 shares of the bank’s stock worth $74,452,000 after purchasing an additional 93,959 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 30,000 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total value of $751,500.00. Following the completion of the sale, the insider owned 20,438 shares in the company, valued at approximately $511,971.90. This trade represents a 59.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on ONB shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Old National Bancorp in a research report on Monday, December 29th. Royal Bank Of Canada increased their price target on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a research note on Thursday, January 22nd. Piper Sandler restated an “overweight” rating and set a $26.00 price objective (down previously from $27.00) on shares of Old National Bancorp in a research report on Thursday, October 23rd. UBS Group reaffirmed a “neutral” rating and issued a $26.00 target price on shares of Old National Bancorp in a research report on Wednesday, February 4th. Finally, TD Cowen upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and lifted their price target for the stock from $27.00 to $30.00 in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.36.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $24.91 on Thursday. The business’s 50-day moving average price is $23.71 and its 200 day moving average price is $22.31. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.80. The firm has a market cap of $9.73 billion, a P/E ratio of 13.92 and a beta of 0.84. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $26.17.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.03. Old National Bancorp had a return on equity of 15.06% and a net margin of 17.91%.The company had revenue of $714.50 million for the quarter, compared to the consensus estimate of $705.62 million. During the same period last year, the business posted $0.49 EPS. On average, equities research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

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.