Old National Bancorp $ONB Stock: Kornitzer Capital Management Inc. KS Lowers Position

Kornitzer Capital Management Inc. KS decreased its position in shares of Old National Bancorp (NASDAQ:ONB) by 45.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 146,712 shares of the bank’s stock after selling 121,131 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Old National Bancorp were worth $3,615,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Fortitude Family Office LLC increased its holdings in shares of Old National Bancorp by 313.5% in the third quarter. Fortitude Family Office LLC now owns 1,075 shares of the bank’s stock worth $26,000 after purchasing an additional 815 shares during the last quarter. Archer Investment Corp bought a new stake in shares of Old National Bancorp in the 2nd quarter worth about $39,000. Integrated Wealth Concepts LLC bought a new stake in Old National Bancorp in the second quarter worth about $41,000. FNY Investment Advisers LLC bought a new stake in shares of Old National Bancorp during the 2nd quarter worth approximately $49,000. Finally, Root Financial Partners LLC purchased a new stake in shares of Old National Bancorp during the third quarter valued at $53,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

ONB opened at $24.93 on Monday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $9.43 billion, a price-to-earnings ratio of 10.18 and a beta of 0.88. The business has a fifty day moving average price of $25.18 and a 200 day moving average price of $24.67. Old National Bancorp has a 12 month low of $19.60 and a 12 month high of $27.36.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Wednesday, October 21st. The bank reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. The company had revenue of $719.00 million for the quarter, compared to analyst estimates of $732.04 million. During the same period in the prior year, the firm posted $0.59 earnings per share. Sell-side analysts expect that Old National Bancorp will post 2.57 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were paid a $0.1450 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. Old National Bancorp’s dividend payout ratio (DPR) is 23.67%.

Analysts Set New Price Targets

Several equities analysts have recently commented on ONB shares. National Bank Financial set a $32.00 price target on Old National Bancorp in a research note on Friday, September 11th. JPMorgan Chase & Co. lowered their price objective on Old National Bancorp from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Thursday, October 22nd. Citigroup lowered their target price on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, September 22nd. Royal Bank Of Canada cut their price objective on Old National Bancorp from $29.00 to $28.00 and set a “sector perform” rating on the stock in a report on Friday, October 9th. Finally, Piper Sandler began coverage on Old National Bancorp in a research note on Thursday, September 17th. They set an “overweight” rating and a $32.00 price objective for the company. Twelve equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $29.64.

Insider Activity at Old National Bancorp

In related news, CFO John Moran sold 19,261 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $25.57, for a total transaction of $492,503.77. Following the sale, the chief financial officer owned 101,467 shares of the company’s stock, valued at approximately $2,594,511.19. The trade was a 15.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is owned by company insiders.

Old National Bancorp Company Profile

Old National Bancorp is a regional bank holding company headquartered in Evansville, Indiana. Founded in 1834, it operates primarily through Old National Bank, serving individuals, businesses and organizations across the Midwest.

The company offers consumer and commercial banking services, including checking and savings accounts, loans, mortgages, treasury management and digital banking. It also provides wealth management and trust services, as well as solutions for businesses and institutional clients.

Old National has expanded over its history through organic growth and acquisitions, building a presence in markets including Indiana, Illinois, Michigan, Wisconsin, Minnesota and Kentucky.