Old National Bancorp $ONB Stock Purchased by CoreCap Advisors LLC

CoreCap Advisors LLC boosted its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 1,213,509.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 266,994 shares of the bank’s stock after acquiring an additional 266,972 shares during the period. CoreCap Advisors LLC’s holdings in Old National Bancorp were worth $6,579,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Archer Investment Corp purchased a new position in shares of Old National Bancorp during the 2nd quarter worth approximately $39,000. Integrated Wealth Concepts LLC purchased a new stake in Old National Bancorp in the 2nd quarter valued at approximately $41,000. FNY Investment Advisers LLC purchased a new stake in Old National Bancorp in the 2nd quarter valued at approximately $49,000. Philadelphia Investment Partners LLC acquired a new stake in Old National Bancorp during the 2nd quarter valued at $81,000. Finally, International Assets Investment Management LLC grew its holdings in Old National Bancorp by 2,040.5% during the 1st quarter. International Assets Investment Management LLC now owns 3,703 shares of the bank’s stock valued at $83,000 after buying an additional 3,530 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Up 1.3%

NASDAQ ONB traded up $0.31 during mid-day trading on Thursday, reaching $24.73. 5,664,592 shares of the stock were exchanged, compared to its average volume of 3,659,963. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $27.36. The business’s fifty day simple moving average is $25.82 and its 200 day simple moving average is $24.86. The stock has a market capitalization of $9.46 billion, a PE ratio of 10.99 and a beta of 0.86. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The company had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same period in the previous year, the firm posted $0.53 EPS. Old National Bancorp’s revenue was up 13.2% on a year-over-year basis. On average, research analysts anticipate that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th were given a $0.1450 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. Old National Bancorp’s payout ratio is currently 25.78%.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the firm’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the sale, the chief executive officer directly owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the sale, the insider owned 53,544 shares of the company’s stock, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ONB shares. Jefferies Financial Group reissued a “hold” rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, July 22nd. TD Cowen decreased their price objective on Old National Bancorp from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday. Wells Fargo & Company started coverage on Old National Bancorp in a research report on Thursday, September 24th. They set an “overweight” rating and a $30.00 price objective for the company. JPMorgan Chase & Co. dropped their price objective on Old National Bancorp from $32.00 to $30.00 and set an “overweight” rating for the company in a research report on Thursday, October 1st. Finally, Piper Sandler assumed coverage on shares of Old National Bancorp in a research note on Thursday, September 17th. They issued an “overweight” rating and a $32.00 target price for the company. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $29.86.

About Old National Bancorp

Old National Bancorp is a regional financial holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

Old National Bank offers a range of products and services, including checking and savings accounts, consumer and commercial lending, mortgages, treasury management, wealth management, investment services and personal financial planning.