Man Group plc Buys Shares of 105,843 Old National Bancorp $ONB

Man Group plc purchased a new stake in Old National Bancorp (NASDAQ:ONB) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 105,843 shares of the bank’s stock, valued at approximately $2,741,000.

A number of other institutional investors also recently modified their holdings of ONB. Kemnay Advisory Services Inc. bought a new stake in shares of Old National Bancorp during the 4th quarter worth $27,000. Los Angeles Capital Management LLC bought a new position in Old National Bancorp in the fourth quarter valued at about $36,000. Peterson Wealth Services raised its stake in 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 acquiring an additional 1,651 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of Old National Bancorp in the second quarter worth about $49,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Old National Bancorp in the 4th quarter valued at approximately $54,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on ONB. Citigroup upped their price objective on shares of Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. TD Cowen upped their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. UBS Group began coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price objective on the stock. Finally, Truist Financial boosted their price objective 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. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $29.36.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $25.58 on Tuesday. The firm has a market cap of $9.79 billion, a PE ratio of 11.37 and a beta of 0.84. The firm’s fifty day moving average is $26.32 and its 200-day moving average is $24.49. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. Old National Bancorp has a 52 week low of $19.39 and a 52 week 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, beating analysts’ consensus estimates 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%.Old National Bancorp’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 earnings per share. Sell-side analysts predict 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. Stockholders of record on Saturday, September 5th will be paid a $0.145 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. Old National Bancorp’s dividend payout ratio is presently 25.78%.

Insider Activity

In other Old National Bancorp 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 completion of the sale, the chief executive officer owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the transaction, the insider owned 53,544 shares of the company’s stock, valued at approximately $1,427,483.04. The trade was a 27.19% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.72% of the company’s stock.

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.