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

United Capital Financial Advisors LLC acquired a new stake in shares of Old National Bancorp (NASDAQ:ONB) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 78,768 shares of the bank’s stock, valued at approximately $2,040,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada boosted its position in Old National Bancorp by 2.0% in the first quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock valued at $4,536,000 after buying an additional 4,153 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Old National Bancorp by 87.8% in the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock valued at $269,000 after acquiring an additional 5,936 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Old National Bancorp by 8.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock worth $60,263,000 after acquiring an additional 215,203 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Old National Bancorp by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank’s stock worth $19,349,000 after acquiring an additional 64,110 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in Old National Bancorp by 6.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank’s stock worth $1,149,000 after acquiring an additional 3,091 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analysts Set New Price Targets

ONB has been the subject of several research analyst reports. UBS Group began coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price objective for the company. Truist Financial raised their target price 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. Raymond James Financial initiated coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They set a “market perform” rating on the stock. Citigroup boosted their target price on shares of Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.36.

Insiders Place Their Bets

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 63,531 shares in the company, valued at $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of the firm’s stock in a transaction dated 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 directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. This represents a 27.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is owned by corporate insiders.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $25.85 on Friday. 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 has a 12 month low of $19.39 and a 12 month high of $27.36. The business has a fifty day simple moving average of $26.31 and a 200 day simple moving average of $24.49. The stock has a market cap of $9.89 billion, a PE ratio of 11.49 and a beta of 0.84.

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 the consensus estimate 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 in the prior year, the firm posted $0.53 earnings per share. The company’s quarterly revenue was up 13.2% on a year-over-year basis. Research analysts predict that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be issued a $0.145 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. Old National Bancorp’s payout ratio is 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.