Vise Technologies Inc. Takes Position in Old National Bancorp $ONB

Vise Technologies Inc. purchased a new stake in Old National Bancorp (NASDAQ:ONB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 26,882 shares of the bank’s stock, valued at approximately $696,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in Old National Bancorp by 2.5% in the 1st quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank’s stock worth $93,462,000 after acquiring an additional 102,956 shares in the last quarter. Comerica Bank increased its holdings in shares of Old National Bancorp by 27.8% in the 4th quarter. Comerica Bank now owns 263,057 shares of the bank’s stock valued at $5,869,000 after purchasing an additional 57,152 shares during the period. Algebris UK Ltd. lifted its position in shares of Old National Bancorp by 57.9% in the fourth quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock worth $41,160,000 after purchasing an additional 675,873 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Old National Bancorp by 200.0% during the first quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank’s stock worth $3,387,000 after purchasing an additional 102,159 shares during the period. Finally, Norges Bank acquired a new stake in shares of Old National Bancorp during the fourth quarter worth approximately $72,661,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling

In related news, CEO Chady M. Alahmar sold 11,771 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the transaction, the chief executive officer directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 completion of the transaction, the insider directly 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 ownership of the stock. The SEC filing for this sale provides additional information. 0.72% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ONB shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. UBS Group assumed coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They set a “buy” rating and a $32.00 target price for the company. Truist Financial boosted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Barclays lifted their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Finally, TD Cowen upped their target price on Old National Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $29.36.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $25.81 on Monday. 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 debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $9.87 billion, a price-to-earnings ratio of 11.47 and a beta of 0.84. The firm has a fifty day moving average price of $26.21 and a two-hundred day moving average price of $24.48.

Old National Bancorp (NASDAQ:ONB) last released its 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 return on equity of 11.80% and a net margin of 21.60%.The firm had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. During the same quarter last year, the firm posted $0.53 EPS. The company’s revenue was up 13.2% on a year-over-year basis. As a group, analysts forecast that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Saturday, September 5th will be paid a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, September 4th. Old National Bancorp’s dividend payout ratio (DPR) is presently 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.