Uptick Partners LLC Makes New $535,000 Investment in Old National Bancorp $ONB

Uptick Partners LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 20,638 shares of the bank’s stock, valued at approximately $535,000.

A number of other institutional investors have also modified their holdings of ONB. Kemnay Advisory Services Inc. purchased a new position in shares of Old National Bancorp during the fourth quarter valued at approximately $27,000. Los Angeles Capital Management LLC purchased a new stake in Old National Bancorp in the 4th quarter worth approximately $36,000. Peterson Wealth Services raised its holdings 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 acquiring an additional 1,651 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in Old National Bancorp in the 2nd quarter valued at $49,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of Old National Bancorp during the 4th quarter worth $54,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Down 2.8%

Shares of NASDAQ ONB opened at $25.91 on Thursday. The stock has a market capitalization of $9.91 billion, a PE ratio of 11.52 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. The firm has a fifty day moving average of $26.18 and a 200-day moving average of $24.46. 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 issued 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. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The business had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. During the same period last year, the company posted $0.53 EPS. The business’s quarterly revenue was up 13.2% on a year-over-year basis. On average, analysts anticipate that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ONB. Barclays raised their price objective on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods upped their target price on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. UBS Group assumed coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 target price on the stock. TD Cowen raised their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Finally, Jefferies Financial Group restated a “hold” rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $29.36.

Insider Transactions at Old National Bancorp

In other Old National Bancorp 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 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 filing with the SEC, which is accessible through this hyperlink. Also, CEO Chady M. Alahmar sold 11,771 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was 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 approximately $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company 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.