Choreo LLC Raises Stake in Old National Bancorp $ONB

Choreo LLC grew its stake in Old National Bancorp (NASDAQ:ONB) by 171.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,129 shares of the bank’s stock after acquiring an additional 34,194 shares during the quarter. Choreo LLC’s holdings in Old National Bancorp were worth $1,188,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. MAI Capital Management grew its holdings in shares of Old National Bancorp by 156.8% in the third quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock valued at $25,000 after purchasing an additional 704 shares during the period. Covestor Ltd boosted its holdings in Old National Bancorp by 157.0% in the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after purchasing an additional 755 shares during the last quarter. Rothschild Investment LLC boosted its holdings in Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after purchasing an additional 535 shares during the last quarter. Hantz Financial Services Inc. grew its stake in shares of Old National Bancorp by 310.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank’s stock valued at $33,000 after buying an additional 1,159 shares during the period. Finally, First Horizon Corp acquired a new stake in shares of Old National Bancorp during the 3rd quarter worth approximately $39,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on ONB shares. National Bank Financial set a $30.00 price objective on Old National Bancorp in a report on Thursday, January 22nd. Stephens upped their price target on Old National Bancorp from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, January 22nd. Citigroup increased their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. UBS Group reissued a “neutral” rating and set a $26.00 price objective on shares of Old National Bancorp in a research report on Wednesday, February 4th. Finally, TD Cowen raised Old National Bancorp from a “hold” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $30.00 in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Old National Bancorp currently has an average rating of “Moderate Buy” and an average price target of $27.45.

Old National Bancorp Trading Up 1.9%

ONB opened at $23.55 on Tuesday. The business has a fifty day moving average price of $23.89 and a 200 day moving average price of $22.50. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.93 and a quick ratio of 0.93. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $26.17. The stock has a market capitalization of $9.18 billion, a price-to-earnings ratio of 13.16 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.03. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.The business had revenue of $698.53 million during the quarter, compared to analysts’ expectations of $705.62 million. During the same quarter last year, the business posted $0.49 EPS. Sell-side analysts expect that Old National Bancorp will post 2.08 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 Saturday, May 16th. Shareholders of record on Tuesday, May 5th will be issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, May 5th. Old National Bancorp’s payout ratio is 32.40%.

Insider Buying and Selling

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. This represents a 59.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.87% of the stock is owned by company insiders.

About Old National Bancorp

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.