Jupiter Topco LLC Invests $5.62 Million in Old National Bancorp $ONB

Jupiter Topco LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 217,147 shares of the bank’s stock, valued at approximately $5,625,000.

A number of other large investors also recently bought and sold shares of ONB. Kemnay Advisory Services Inc. bought a new position in Old National Bancorp in the 4th quarter valued at $27,000. Los Angeles Capital Management LLC bought a new stake in shares of Old National Bancorp during the fourth quarter worth $36,000. Peterson Wealth Services lifted its position in shares of Old National Bancorp by 9,711.8% during the fourth 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 last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Old National Bancorp during the second quarter valued at $49,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Old National Bancorp in the fourth quarter worth about $54,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling

In other news, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total transaction of $310,872.11. Following the transaction, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $533,200.00. Following the transaction, 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 SEC filing for this sale provides additional information. 0.72% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on ONB shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Raymond James Financial assumed coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a “market perform” rating on the stock. Barclays raised their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada boosted their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a report on Thursday, July 23rd. Finally, Citigroup increased their price objective 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. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.36.

Old National Bancorp Stock Performance

ONB stock opened at $25.58 on Tuesday. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $27.36. The business has a 50-day moving average price of $26.32 and a 200 day moving average price 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. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results 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. The company had revenue of $726.86 million for the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.53 EPS. As a group, equities research analysts forecast that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be given a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, September 4th. 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.