NewEdge Advisors LLC Has $484,000 Holdings in Old National Bancorp $ONB

NewEdge Advisors LLC boosted its stake in shares of Old National Bancorp (NASDAQ:ONB) by 1,863.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 21,914 shares of the bank’s stock after purchasing an additional 20,798 shares during the quarter. NewEdge Advisors LLC’s holdings in Old National Bancorp were worth $484,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ONB. Kemnay Advisory Services Inc. acquired a new stake in shares of Old National Bancorp during the fourth quarter worth approximately $27,000. Los Angeles Capital Management LLC acquired a new position in shares of Old National Bancorp in the 4th quarter worth approximately $36,000. Peterson Wealth Services boosted its holdings in shares of 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 acquiring an additional 1,651 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of Old National Bancorp in the 4th quarter worth approximately $54,000. Finally, EverSource Wealth Advisors LLC grew its position in Old National Bancorp by 794.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank’s stock worth $76,000 after acquiring an additional 3,169 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Price Performance

ONB opened at $25.81 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $9.87 billion, a P/E ratio of 11.47 and a beta of 0.84. The company’s 50 day simple moving average is $26.21 and its 200-day simple moving average is $24.48. Old National Bancorp has a one year low of $19.39 and a one year high of $27.36.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data 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. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The firm had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. During the same quarter in the previous year, the company posted $0.53 EPS. Old National Bancorp’s revenue was up 13.2% on a year-over-year basis. Sell-side analysts anticipate that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be paid a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, September 4th. Old National Bancorp’s dividend payout ratio (DPR) is 25.78%.

Insiders Place Their Bets

In related news, insider Nicholas J. Chulos sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was 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 in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Chady M. Alahmar sold 11,771 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer owned 63,531 shares in the company, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ONB shares. Citigroup raised their price target on Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a report on Friday, July 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Jefferies Financial Group restated a “hold” rating and set a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, July 22nd. Truist Financial raised their target price on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Royal Bank Of Canada lifted 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. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and a consensus target price of $29.36.

About Old National Bancorp

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.