Capstone Investment Advisors LLC Acquires New Stake in Old National Bancorp $ONB

Capstone Investment Advisors LLC bought a new position in shares of Old National Bancorp (NASDAQ:ONB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 20,513 shares of the bank’s stock, valued at approximately $531,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new stake in Old National Bancorp during the fourth quarter worth about $27,000. Los Angeles Capital Management LLC purchased a new position in shares of Old National Bancorp in the fourth quarter valued at approximately $36,000. Peterson Wealth Services boosted its stake in shares of Old National Bancorp by 9,711.8% in the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock valued at $37,000 after purchasing an additional 1,651 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of Old National Bancorp in the second quarter valued at approximately $49,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Old National Bancorp in the fourth quarter valued at approximately $54,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ONB has been the topic of several recent research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Barclays boosted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Raymond James Financial began coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a “market perform” rating on the stock. Truist Financial increased their price objective on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, July 22nd. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.36.

Insiders Place Their Bets

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the sale, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 in the company, valued at $1,677,853.71. This trade represents a 15.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.72% of the company’s stock.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $25.85 on Friday. The firm’s 50 day moving average price is $26.31 and its 200 day moving average price is $24.49. The stock has a market cap of $9.89 billion, a price-to-earnings ratio of 11.49 and a beta of 0.84. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95.

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

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, September 4th. Old National Bancorp’s payout ratio is 25.78%.

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.