Elevation Point Wealth Partners LLC Makes New $803,000 Investment in Old National Bancorp $ONB

Elevation Point Wealth Partners LLC acquired a new position in shares of Old National Bancorp (NASDAQ:ONB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,008 shares of the bank’s stock, valued at approximately $803,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ONB. Bank of America Corp DE grew its stake in shares of Old National Bancorp by 2.5% during the 1st quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank’s stock worth $93,462,000 after acquiring an additional 102,956 shares in the last quarter. Comerica Bank lifted its position in Old National Bancorp by 27.8% during the 4th quarter. Comerica Bank now owns 263,057 shares of the bank’s stock worth $5,869,000 after buying an additional 57,152 shares in the last quarter. Algebris UK Ltd. boosted its stake in shares of Old National Bancorp by 57.9% during the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock worth $41,160,000 after buying an additional 675,873 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Old National Bancorp by 200.0% during the 1st quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank’s stock worth $3,387,000 after buying an additional 102,159 shares during the last quarter. Finally, Easterly Investment Partners LLC grew its holdings in shares of Old National Bancorp by 27.4% in the 4th quarter. Easterly Investment Partners LLC now owns 282,948 shares of the bank’s stock valued at $6,313,000 after acquiring an additional 60,829 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Stock Down 0.2%

Old National Bancorp stock opened at $25.77 on Tuesday. The stock has a market cap of $9.86 billion, a P/E ratio of 11.45 and a beta of 0.84. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $27.36. The company’s 50-day moving average price is $26.23 and its two-hundred day moving average price is $24.48.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. The company had revenue of $726.86 million for 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 firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.53 earnings per share. As a group, analysts expect that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th will be issued a $0.145 dividend. 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 2.3%. Old National Bancorp’s payout ratio is currently 25.78%.

Insider Buying and Selling

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 shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chady M. Alahmar sold 11,771 shares of the 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 sale, the chief executive officer directly owned 63,531 shares in the company, valued at $1,677,853.71. This represents a 15.63% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.72% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on ONB. Royal Bank Of Canada upped their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a “sector perform” rating in a report on Thursday, July 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. UBS Group assumed coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price target on the stock. Raymond James Financial initiated coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They issued a “market perform” rating for the company. Finally, Citigroup upped their target price on shares of Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a report on Friday, July 24th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.