Victory Capital Management Inc. Sells 957,390 Shares of Old National Bancorp $ONB

Victory Capital Management Inc. lowered its position in shares of Old National Bancorp (NASDAQ:ONB) by 13.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,032,839 shares of the bank’s stock after selling 957,390 shares during the quarter. Victory Capital Management Inc.’s holdings in Old National Bancorp were worth $132,421,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ONB. Rothschild Investment LLC raised its holdings in shares of 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 period. Connable Office Inc. increased its position in Old National Bancorp by 2.9% during the third quarter. Connable Office Inc. now owns 22,191 shares of the bank’s stock worth $487,000 after buying an additional 635 shares during the last quarter. Allworth Financial LP raised its stake in Old National Bancorp by 18.7% in the second quarter. Allworth Financial LP now owns 4,293 shares of the bank’s stock valued at $92,000 after buying an additional 677 shares during the period. Quantum Portfolio Management LLC lifted its position in shares of Old National Bancorp by 4.5% in the third quarter. Quantum Portfolio Management LLC now owns 16,058 shares of the bank’s stock valued at $352,000 after buying an additional 690 shares during the last quarter. Finally, Teza Capital Management LLC lifted its position in shares of Old National Bancorp by 6.8% in the second quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock valued at $235,000 after buying an additional 702 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

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 on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total transaction of $751,500.00. Following the completion of the sale, the insider directly owned 20,438 shares in the company, valued at approximately $511,971.90. This represents a 59.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.87% of the company’s stock.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $23.54 on Thursday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $9.17 billion, a price-to-earnings ratio of 13.15 and a beta of 0.84. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $26.17. The company has a 50-day simple moving average of $23.91 and a two-hundred day simple moving average of $22.52.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, topping the consensus estimate of $0.59 by $0.03. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. The company had revenue of $698.53 million for the quarter, compared to analysts’ expectations of $705.62 million. During the same period last year, the firm earned $0.49 earnings per share. Analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, May 16th. Shareholders of record on Tuesday, May 5th will be issued a $0.145 dividend. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.58 annualized dividend and a yield of 2.5%. Old National Bancorp’s payout ratio is currently 31.28%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ONB. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. Royal Bank Of Canada increased their price objective on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Thursday, January 22nd. Stephens raised their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Thursday, January 22nd. Truist Financial increased their price target 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. Finally, National Bank Financial set a $30.00 price objective on shares of Old National Bancorp in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.