First Trust Advisors LP Acquires 2,672,319 Shares of Old National Bancorp $ONB

First Trust Advisors LP lifted its stake in Old National Bancorp (NASDAQ:ONB) by 104.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,227,241 shares of the bank’s stock after purchasing an additional 2,672,319 shares during the period. First Trust Advisors LP owned 1.34% of Old National Bancorp worth $114,738,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ONB. MAI Capital Management increased its holdings in 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 last quarter. Covestor Ltd boosted its holdings in Old National Bancorp by 157.0% during the third quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock worth $27,000 after buying an additional 755 shares during the last quarter. Rothschild Investment LLC grew its position in shares of Old National Bancorp by 72.3% during the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock worth $28,000 after buying an additional 535 shares during the period. First Horizon Corp acquired a new position in shares of Old National Bancorp during the 3rd quarter worth about $39,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Old National Bancorp by 794.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank’s stock valued at $76,000 after acquiring an additional 3,169 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 30,000 shares of the company’s 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 completion of the transaction, the insider owned 20,438 shares in the company, valued at $511,971.90. This represents a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is owned by company insiders.

Old National Bancorp Trading Down 2.6%

NASDAQ ONB opened at $22.31 on Monday. The firm has a market cap of $8.69 billion, a P/E ratio of 12.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.93 and a quick ratio of 0.93. The stock’s 50-day moving average is $23.89 and its 200-day moving average is $22.55. Old National Bancorp has a one year low of $16.83 and a one year high of $26.17.

Old National Bancorp (NASDAQ:ONB) last issued 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 analyst estimates of $705.62 million. During the same period in the previous year, the firm earned $0.49 EPS. Sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, May 16th. Shareholders of record on Tuesday, May 5th will be paid a $0.145 dividend. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.58 dividend on an annualized basis and a yield of 2.6%. Old National Bancorp’s payout ratio is presently 32.40%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. National Bank Financial set a $30.00 price target on shares of Old National Bancorp in a research report on Thursday, January 22nd. Truist Financial boosted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Monday, January 26th. Stephens upped their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, January 22nd. UBS Group reiterated a “neutral” rating and issued a $26.00 target price on shares of Old National Bancorp in a report on Wednesday, February 4th. Finally, Citigroup lifted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $27.45.

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.