SG Americas Securities LLC Acquires New Holdings in Old National Bancorp $ONB

SG Americas Securities LLC bought a new position in shares of Old National Bancorp (NASDAQ:ONB) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,008,274 shares of the bank’s stock, valued at approximately $22,495,000. SG Americas Securities LLC owned about 0.26% of Old National Bancorp at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ONB. Rothschild Investment LLC lifted its holdings in shares of Old National Bancorp by 72.3% during the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock worth $28,000 after purchasing an additional 535 shares during the period. Glenmede Investment Management LP increased its holdings in Old National Bancorp by 1.0% in the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock valued at $1,362,000 after purchasing an additional 625 shares during the period. Connable Office Inc. increased its holdings in Old National Bancorp by 2.9% in the third quarter. Connable Office Inc. now owns 22,191 shares of the bank’s stock valued at $487,000 after purchasing an additional 635 shares during the period. Quantum Portfolio Management LLC raised its position in Old National Bancorp by 4.5% during the 3rd quarter. Quantum Portfolio Management LLC now owns 16,058 shares of the bank’s stock worth $352,000 after purchasing an additional 690 shares during the last quarter. Finally, Teza Capital Management LLC raised its position in Old National Bancorp by 6.8% during the 2nd quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock worth $235,000 after purchasing an additional 702 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on ONB shares. National Bank Financial set a $30.00 price target on Old National Bancorp in a research report on Thursday, January 22nd. TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $30.00 in a research report on Thursday, January 22nd. Stephens lifted their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock 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 raised their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. One research 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 stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $27.45.

Old National Bancorp Trading Down 0.2%

NASDAQ ONB opened at $21.73 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.86. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $26.17. The business has a 50 day moving average price of $23.55 and a 200-day moving average price of $22.44. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 12.14 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 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 business earned $0.49 EPS. As a group, equities analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed 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. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, May 5th. Old National Bancorp’s dividend payout ratio (DPR) is 32.40%.

Insider Activity

In other news, insider Nicholas J. Chulos sold 30,000 shares of Old National Bancorp stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total transaction of $751,500.00. Following the completion of the transaction, the insider directly owned 20,438 shares in the company, valued at $511,971.90. This trade represents a 59.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is owned by corporate 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.