Legal & General Group Plc Takes $12.43 Million Position in Old National Bancorp $ONB

Legal & General Group Plc acquired a new position in shares of Old National Bancorp (NASDAQ:ONB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 479,781 shares of the bank’s stock, valued at approximately $12,426,000. Legal & General Group Plc owned 0.13% of Old National Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Old National Bancorp in the second quarter worth about $1,215,819,000. Dimensional Fund Advisors LP grew its position in shares of Old National Bancorp by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock valued at $395,193,000 after purchasing an additional 310,352 shares during the period. State Street Corp increased its stake in Old National Bancorp by 5.6% during the 3rd quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock worth $365,816,000 after purchasing an additional 890,309 shares in the last quarter. Geode Capital Management LLC increased its stake in Old National Bancorp by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock worth $215,958,000 after purchasing an additional 91,341 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Old National Bancorp by 37.5% during the 4th quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock worth $160,381,000 after buying an additional 1,961,525 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ONB has been the subject of several research analyst reports. Raymond James Financial started coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They issued a “market perform” rating for the company. Barclays raised their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $27.00 price objective on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Truist Financial upped 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 note on Tuesday, July 28th. Finally, Royal Bank Of Canada increased their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a “sector perform” rating in a report on Thursday, July 23rd. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $29.36.

Old National Bancorp Price Performance

NASDAQ ONB opened at $25.58 on Tuesday. The firm’s 50 day moving average is $26.32 and its 200-day moving average is $24.49. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $9.79 billion, a PE ratio of 11.37 and a beta of 0.84. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.36.

Old National Bancorp (NASDAQ:ONB) last announced its 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. The business had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The firm’s revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.53 earnings per share. Equities 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 will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be paid a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, September 4th. Old National Bancorp’s dividend payout ratio is currently 25.78%.

Insider Transactions at Old National Bancorp

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

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.