2,843,497 Shares in Old National Bancorp $ONB Acquired by Pzena Investment Management LLC

Pzena Investment Management LLC acquired a new stake in shares of Old National Bancorp (NASDAQ:ONB) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 2,843,497 shares of the bank’s stock, valued at approximately $73,647,000.

Several other institutional investors and hedge funds have also recently modified their holdings of ONB. Carlson Capital L.P. lifted its holdings in shares of Old National Bancorp by 1.1% in the fourth quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock worth $848,000 after buying an additional 400 shares in the last quarter. Glenmede Investment Management LP grew its stake in Old National Bancorp by 1.0% during the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock valued at $1,362,000 after acquiring an additional 625 shares in the last quarter. Teza Capital Management LLC grew its stake in Old National Bancorp by 6.8% during the second quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock valued at $235,000 after acquiring an additional 702 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Old National Bancorp by 4.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 16,863 shares of the bank’s stock valued at $376,000 after acquiring an additional 703 shares in the last quarter. Finally, HB Wealth Management LLC increased its holdings in Old National Bancorp by 5.9% in the 4th quarter. HB Wealth Management LLC now owns 13,147 shares of the bank’s stock valued at $293,000 after acquiring an additional 730 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ONB. TD Cowen boosted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Citigroup raised their price objective on Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, July 22nd. Truist Financial boosted their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Stephens boosted their target price on Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.36.

Insider Activity

In related news, insider Nicholas J. Chulos sold 20,000 shares of the 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 transaction, the insider owned 53,544 shares of the company’s stock, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $26.41, for a total transaction of $310,872.11. Following the completion of the transaction, the chief executive officer directly owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is currently owned by corporate insiders.

Old National Bancorp Trading Down 0.4%

Shares of ONB opened at $27.07 on Tuesday. The company’s fifty day moving average is $26.10 and its 200 day moving average is $24.43. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36. The stock has a market capitalization of $10.36 billion, a PE ratio of 12.03 and a beta of 0.84. 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 released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $716.25 million. During the same quarter in the prior year, the firm earned $0.53 earnings per share. Old National Bancorp’s revenue was up 13.2% on a year-over-year basis. Sell-side analysts expect 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 announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be issued a $0.145 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.1%. Old National Bancorp’s payout ratio is 25.78%.

About Old National Bancorp

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.