Carlson Capital L.P. Boosts Stock Position in Old National Bancorp $ONB

Carlson Capital L.P. lifted its stake in Old National Bancorp (NASDAQ:ONB) by 106.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 78,443 shares of the bank’s stock after purchasing an additional 40,443 shares during the quarter. Carlson Capital L.P.’s holdings in Old National Bancorp were worth $1,734,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Kemnay Advisory Services Inc. purchased a new stake in Old National Bancorp in the 4th quarter valued at $27,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Old National Bancorp in the 4th quarter worth $28,000. Los Angeles Capital Management LLC purchased a new position in shares of Old National Bancorp during the 4th quarter worth $36,000. Peterson Wealth Services boosted its position in shares of Old National Bancorp by 9,711.8% during the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock valued at $37,000 after acquiring an additional 1,651 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Old National Bancorp during the 4th quarter valued at about $54,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Up 0.9%

Shares of NASDAQ:ONB opened at $26.64 on Friday. The business has a 50-day moving average price of $25.43 and a 200 day moving average price of $24.15. The company has a current ratio of 0.94, a quick ratio of 0.90 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $10.19 billion, a price-to-earnings ratio of 11.84 and a beta of 0.83. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.32.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $732.55 million for the quarter, compared to analyst estimates of $716.25 million. During the same period in the previous year, the firm earned $0.53 EPS. 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 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp’s payout ratio is 25.78%.

Insider Buying and Selling

In related news, 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 transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction that occurred on 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 sale, the chief executive officer owned 63,531 shares of the company’s stock, 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. 0.72% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Royal Bank Of Canada upped their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a report on Thursday, July 23rd. Raymond James Financial began coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They issued a “market perform” rating on the stock. Truist Financial increased their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday. Keefe, Bruyette & Woods raised their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Finally, Jefferies Financial Group restated a “hold” rating and set a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $29.36.

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.