Hsbc Holdings PLC Makes New Investment in Old National Bancorp $ONB

Hsbc Holdings PLC purchased a new stake in shares of Old National Bancorp (NASDAQ:ONB) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 148,729 shares of the bank’s stock, valued at approximately $3,852,000.

A number of other hedge funds have also modified their holdings of ONB. BlackRock Inc. purchased a new stake in shares of Old National Bancorp in the second quarter worth $1,215,819,000. Dimensional Fund Advisors LP lifted its stake in shares of Old National Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock valued at $395,193,000 after buying an additional 310,352 shares in the last quarter. State Street Corp boosted its holdings in Old National Bancorp by 5.6% in the 3rd quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock worth $365,816,000 after buying an additional 890,309 shares during the period. Geode Capital Management LLC boosted its holdings in Old National Bancorp by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock worth $215,958,000 after buying an additional 91,341 shares during the period. Finally, First Trust Advisors LP increased its stake in Old National Bancorp by 37.5% in the 4th quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock worth $160,381,000 after buying an additional 1,961,525 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of the firm’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 transaction of $533,200.00. Following the completion of the transaction, the insider owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp 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 completion of the sale, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ONB shares. TD Cowen raised their price target on Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Royal Bank Of Canada upped their price objective on Old National Bancorp from $28.00 to $29.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 23rd. UBS Group assumed coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 target price for the company. Citigroup lifted their target price on Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Finally, Truist Financial boosted their price target 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 investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

Old National Bancorp Price Performance

Shares of ONB stock opened at $25.85 on Friday. The stock has a market cap of $9.89 billion, a P/E ratio of 11.49 and a beta of 0.84. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.36. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. The company’s fifty day simple moving average is $26.31 and its two-hundred day simple moving average is $24.49.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. The business had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business’s revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.53 EPS. Analysts predict that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

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