Man Group plc Buys New Shares in Old National Bancorp $ONB

Man Group plc bought a new position in shares of Old National Bancorp (NASDAQ:ONB) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 105,843 shares of the bank’s stock, valued at approximately $2,741,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ONB. BlackRock Inc. bought a new position in shares of Old National Bancorp during the 2nd quarter worth approximately $1,215,819,000. The Manufacturers Life Insurance Company acquired a new stake in Old National Bancorp during the 2nd quarter valued at $134,610,000. William Blair Investment Management LLC bought a new position in Old National Bancorp during the second quarter worth $99,283,000. Bank of New York Mellon Corp acquired a new position in shares of Old National Bancorp in the second quarter valued at $90,226,000. Finally, Norges Bank acquired a new position in shares of Old National Bancorp in the fourth quarter valued at $72,661,000. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on ONB shares. Barclays lifted their target price 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. TD Cowen upped their target price on Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Raymond James Financial initiated coverage on Old National Bancorp in a research note on Tuesday, July 7th. They set a “market perform” rating on the stock. Citigroup upped their price objective on Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a report on Friday, July 24th. Finally, Truist Financial lifted their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.36.

Old National Bancorp Trading Down 1.0%

Shares of NASDAQ:ONB opened at $25.58 on Tuesday. The company has a market capitalization of $9.79 billion, a P/E ratio of 11.37 and a beta of 0.84. Old National Bancorp has a 1 year low of $19.39 and a 1 year 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 business’s 50 day simple moving average is $26.32 and its 200 day simple moving average is $24.49.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The firm had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The company’s revenue was up 13.2% on a year-over-year basis. During the same quarter last year, the company earned $0.53 EPS. On average, research analysts anticipate 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. Investors of record on Saturday, September 5th will be given 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 2.3%. Old National Bancorp’s dividend payout ratio (DPR) is presently 25.78%.

Insider Transactions at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the firm’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the transaction, the chief executive officer directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of the business’s 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 $1,427,483.04. The trade was 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 owned by insiders.

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.