56,569 Shares in Old National Bancorp $ONB Bought by Pinnacle Holdings LLC

Pinnacle Holdings LLC acquired a new position in shares of Old National Bancorp (NASDAQ:ONB) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 56,569 shares of the bank’s stock, valued at approximately $1,465,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ONB. Kemnay Advisory Services Inc. purchased a new stake in shares of Old National Bancorp during the fourth quarter worth about $27,000. Los Angeles Capital Management LLC acquired a new position in shares of Old National Bancorp during the 4th quarter worth about $36,000. Peterson Wealth Services lifted its stake in Old National Bancorp by 9,711.8% in the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock valued at $37,000 after buying an additional 1,651 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in Old National Bancorp in the 2nd quarter worth about $49,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Old National Bancorp in the 4th quarter worth about $54,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on ONB. Raymond James Financial initiated coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a “market perform” rating for the company. Barclays lifted their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. 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 research report on Tuesday, July 28th. UBS Group started coverage on Old National Bancorp in a report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price objective on the stock. Finally, Royal Bank Of Canada lifted their target price on shares of 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. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.36.

Old National Bancorp Price Performance

ONB stock opened at $25.81 on Monday. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36. 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 firm has a market capitalization of $9.87 billion, a PE ratio of 11.47 and a beta of 0.84. The business has a 50 day simple moving average of $26.21 and a 200-day simple moving average of $24.48.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $726.86 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. Equities research analysts anticipate that Old National Bancorp will post 2.6 earnings per share 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. Stockholders of record on Saturday, September 5th will be given a dividend of $0.145 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. Old National Bancorp’s payout ratio is presently 25.78%.

Insider Activity

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction dated 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 of the company’s stock, valued at $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chady M. Alahmar sold 11,771 shares of the business’s 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 completion of the transaction, the chief executive officer owned 63,531 shares in the company, valued at $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.72% of the company’s stock.

Old National Bancorp 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.