United Capital Financial Advisors LLC Makes New Investment in Old National Bancorp $ONB

United Capital Financial Advisors LLC purchased a new stake in Old National Bancorp (NASDAQ:ONB) during the second quarter, HoldingsChannel reports. The institutional investor purchased 78,768 shares of the bank’s stock, valued at approximately $2,040,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Bank of America Corp DE boosted its position in shares of Old National Bancorp by 2.5% in the first quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank’s stock valued at $93,462,000 after acquiring an additional 102,956 shares during the period. Comerica Bank raised its stake 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 buying an additional 57,152 shares in the last quarter. Algebris UK Ltd. lifted its holdings in shares of Old National Bancorp by 57.9% during the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock worth $41,160,000 after acquiring an additional 675,873 shares during the period. Quantinno Capital Management LP lifted its stake in 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 Old National Bancorp during the fourth quarter valued at approximately $72,661,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the transaction, the insider owned 53,544 shares of the company’s stock, valued at $1,427,483.04. The trade was a 27.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Chady M. Alahmar sold 11,771 shares of the company’s stock in a transaction that occurred 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 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 position. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Truist Financial increased 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 report on Tuesday, July 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. UBS Group assumed coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They set a “buy” rating and a $32.00 target price for the company. Jefferies Financial Group restated a “hold” rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Finally, TD Cowen upped their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $25.85 on Friday. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $27.36. The company’s fifty day simple moving average is $26.31 and its 200-day simple moving average is $24.49. The firm has a market cap of $9.89 billion, a PE ratio of 11.49 and a beta of 0.84. 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 released its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share 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 business had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same quarter last year, the firm earned $0.53 earnings per share. The firm’s revenue for the quarter was up 13.2% compared to the same quarter last year. Equities research analysts expect that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

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