Old National Bancorp $ONB Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in shares of Old National Bancorp (NASDAQ:ONB) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,823,297 shares of the bank’s stock after selling 69,923 shares during the period. JPMorgan Chase & Co. owned about 0.72% of Old National Bancorp worth $61,971,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MAI Capital Management increased its position in Old National Bancorp by 156.8% during the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock worth $25,000 after purchasing an additional 704 shares in the last quarter. Covestor Ltd increased its stake in shares of Old National Bancorp by 157.0% during the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after acquiring an additional 755 shares during the last quarter. Rothschild Investment LLC raised its stake in 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. First Horizon Corp purchased a new position in shares of Old National Bancorp in the 3rd quarter worth $39,000. Finally, EverSource Wealth Advisors LLC raised its holdings 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 worth $76,000 after purchasing an additional 3,169 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ONB shares. Truist Financial lifted their target price 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. National Bank Financial set a $30.00 price target on Old National Bancorp in a research report on Thursday, January 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. Royal Bank Of Canada lifted 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 note on Thursday, January 22nd. Finally, Citigroup boosted their target price 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 research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Old National Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $27.45.

Insiders Place Their Bets

In other news, insider Nicholas J. Chulos sold 30,000 shares of the business’s stock in a transaction dated 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 sale, the insider owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. The trade was a 59.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Old National Bancorp Price Performance

ONB stock opened at $21.22 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 stock’s 50 day moving average is $23.69 and its two-hundred day moving average is $22.49. The company has a market capitalization of $8.27 billion, a PE ratio of 11.85 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. The business had revenue of $698.53 million during the quarter, compared to the consensus estimate of $705.62 million. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. During the same quarter last year, the company earned $0.49 earnings per share. Analysts predict 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 disclosed a quarterly dividend, which will be paid on Saturday, May 16th. Shareholders of record on Tuesday, May 5th will be issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, May 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 32.40%.

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.