Basswood Capital Management L.L.C. Acquires Shares of 1,780,471 Old National Bancorp $ONB

Basswood Capital Management L.L.C. acquired a new stake in Old National Bancorp (NASDAQ:ONB) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,780,471 shares of the bank’s stock, valued at approximately $46,114,000. Old National Bancorp comprises approximately 1.8% of Basswood Capital Management L.L.C.’s investment portfolio, making the stock its 14th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Old National Bancorp during the 2nd quarter valued at approximately $1,215,819,000. The Manufacturers Life Insurance Company bought a new stake in Old National Bancorp in the second quarter worth $134,610,000. William Blair Investment Management LLC bought a new stake in Old National Bancorp in the second quarter worth $99,283,000. Bank of New York Mellon Corp purchased a new position in Old National Bancorp during the second quarter worth $90,226,000. Finally, Norges Bank purchased a new position in Old National Bancorp during the fourth quarter worth $72,661,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $25.78 on Thursday. 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 stock’s fifty day moving average is $26.27 and its two-hundred day moving average is $24.48. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.36. The company has a market capitalization of $9.86 billion, a PE ratio of 11.46 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, topping 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 return on equity of 11.80% and a net margin of 21.60%.The business’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period last year, the company earned $0.53 earnings per share. As a group, analysts expect that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business 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 $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 4th. Old National Bancorp’s dividend payout ratio (DPR) is currently 25.78%.

Insider Activity

In related news, insider Nicholas J. Chulos sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the transaction, the insider owned 53,544 shares of the company’s stock, 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 accessible through the SEC website. Also, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $26.41, for a total transaction of $310,872.11. Following the sale, the chief executive officer owned 63,531 shares of the company’s stock, valued at $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. Company insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on ONB. Barclays increased their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Raymond James Financial assumed coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They set a “market perform” rating for the company. Jefferies Financial Group reiterated a “hold” rating and set a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, July 22nd. Truist Financial increased their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, UBS Group started coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price objective for the company. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.