Capstone Investment Advisors LLC Buys New Stake in Old National Bancorp $ONB

Capstone Investment Advisors LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 20,513 shares of the bank’s stock, valued at approximately $531,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kemnay Advisory Services Inc. acquired a new position in Old National Bancorp in the fourth quarter valued at $27,000. Los Angeles Capital Management LLC acquired a new stake in shares of Old National Bancorp during the fourth quarter worth about $36,000. Peterson Wealth Services lifted its holdings in shares of Old National Bancorp by 9,711.8% in the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock valued at $37,000 after purchasing an additional 1,651 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Old National Bancorp in the 2nd quarter valued at about $49,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Old National Bancorp in the 4th quarter valued at about $54,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Citigroup raised their price target on Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Truist Financial boosted their price objective on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. TD Cowen increased their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. 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, Royal Bank Of Canada lifted their target price 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. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

Old National Bancorp Price Performance

Shares of ONB opened at $25.85 on Friday. 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 has a fifty-two week low of $19.39 and a fifty-two week high of $27.36. The firm has a 50-day simple moving average of $26.31 and a 200-day simple moving average of $24.49. The company has a market capitalization of $9.89 billion, a price-to-earnings ratio of 11.49 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results 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. The firm had revenue of $726.86 million for the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.53 EPS. On average, equities research analysts anticipate that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently announced 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 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 25.78%.

Insider Buying and Selling

In other news, CEO Chady M. Alahmar sold 11,771 shares of the business’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 transaction, the chief executive officer 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the company’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 value of $533,200.00. Following the sale, the insider owned 53,544 shares of the company’s stock, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.72% of the company’s stock.

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.