Sei Investments Co. Increases Stock Position in Old National Bancorp $ONB

Sei Investments Co. boosted its position in shares of Old National Bancorp (NASDAQ:ONB) by 18.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 690,773 shares of the bank’s stock after buying an additional 109,709 shares during the quarter. Sei Investments Co.’s holdings in Old National Bancorp were worth $15,266,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ONB. Kemnay Advisory Services Inc. purchased a new stake in shares of Old National Bancorp during the 4th quarter worth about $27,000. Flagship Harbor Advisors LLC purchased a new position in shares of Old National Bancorp in the 4th quarter valued at about $28,000. Los Angeles Capital Management LLC acquired a new position in Old National Bancorp in the 4th quarter worth about $36,000. Peterson Wealth Services raised its holdings in Old National Bancorp by 9,711.8% in the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $37,000 after purchasing an additional 1,651 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Old National Bancorp during the fourth quarter worth approximately $54,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity

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 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 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 0.72% of the stock is owned by corporate insiders.

Old National Bancorp Trading Down 1.0%

Shares of Old National Bancorp stock opened at $26.41 on Friday. The firm has a market capitalization of $10.20 billion, a PE ratio of 11.74 and a beta of 0.83. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $27.32. The firm’s 50-day moving average price is $25.37 and its 200 day moving average price is $24.14. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.89.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a return on equity of 16.16% and a net margin of 21.60%.The company had revenue of $732.55 million for the quarter, compared to analysts’ expectations of $716.25 million. During the same period in the previous year, the firm posted $0.53 EPS. Old National Bancorp’s revenue was up 13.2% compared to the same quarter last year. On average, sell-side analysts predict that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were paid a $0.145 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. Old National Bancorp’s payout ratio is currently 25.78%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ONB. TD Cowen raised 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. UBS Group started coverage on Old National Bancorp in a research note on Tuesday, July 7th. They set a “buy” rating and a $32.00 target price for the company. Truist Financial increased their target price on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday. Raymond James Financial initiated coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a “market perform” rating on the stock. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Nine research 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, Old National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $29.36.

Old National Bancorp 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.