Legal & General Group Plc Invests $12.43 Million in Old National Bancorp $ONB

Legal & General Group Plc bought a new stake in Old National Bancorp (NASDAQ:ONB) during the second quarter, HoldingsChannel.com reports. The fund bought 479,781 shares of the bank’s stock, valued at approximately $12,426,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ONB. Bank of America Corp DE boosted its stake in shares of Old National Bancorp by 2.5% during 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 during the period. Algebris UK Ltd. raised its stake in Old National Bancorp by 57.9% in the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock valued at $41,160,000 after acquiring an additional 675,873 shares during the period. Quantinno Capital Management LP raised its stake in Old National Bancorp by 200.0% in the 1st quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank’s stock valued at $3,387,000 after acquiring an additional 102,159 shares during the period. Deutsche Bank AG acquired a new stake in Old National Bancorp during the 2nd quarter valued at $9,460,000. Finally, Norges Bank acquired a new stake in Old National Bancorp during the 4th quarter valued at $72,661,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Down 1.0%

ONB opened at $25.58 on Tuesday. The stock has a fifty day moving average of $26.32 and a 200-day moving average of $24.49. 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 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 quick ratio of 0.94 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $716.25 million. During the same period in the prior year, the company posted $0.53 earnings per share. Old National Bancorp’s revenue was up 13.2% compared to the same quarter last year. On average, equities analysts expect that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be issued a dividend of $0.145 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. Old National Bancorp’s dividend payout ratio (DPR) is currently 25.78%.

Insider Activity at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the sale, the insider directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chady M. Alahmar sold 11,771 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The shares were 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 owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ONB has been the topic of several research reports. Jefferies Financial Group reiterated a “hold” rating and issued a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday, July 22nd. Citigroup raised 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. UBS Group initiated 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Finally, TD Cowen increased their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

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.