Wellington Management Group LLP Sells 158,749 Shares of Old National Bancorp $ONB

Wellington Management Group LLP decreased its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 22.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 544,900 shares of the bank’s stock after selling 158,749 shares during the period. Wellington Management Group LLP’s holdings in Old National Bancorp were worth $14,113,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Kemnay Advisory Services Inc. bought a new stake in Old National Bancorp in the fourth quarter worth $27,000. Los Angeles Capital Management LLC bought a new position in Old National Bancorp during the fourth quarter valued at about $36,000. Peterson Wealth Services raised its holdings 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 valued at $37,000 after buying an additional 1,651 shares in the last quarter. Archer Investment Corp acquired a new stake in shares of Old National Bancorp in the second quarter worth about $39,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Old National Bancorp in the second quarter worth about $49,000. Institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ONB shares. Citigroup increased their price objective on Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a report on Friday, July 24th. Truist Financial upped their target price 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research report on Tuesday, September 1st. Royal Bank Of Canada increased 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. Finally, Barclays lifted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.36.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB opened at $26.04 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. The stock’s 50-day moving average is $26.33 and its 200-day moving average is $24.52. The company has a market cap of $9.96 billion, a P/E ratio of 11.57 and a beta of 0.83. 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, 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 during the quarter, compared to analysts’ expectations of $716.25 million. During the same quarter in the previous year, the firm earned $0.53 EPS. The firm’s revenue was up 13.2% compared to the same quarter last year. Equities research analysts predict that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be given 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 is currently 25.78%.

Insider Activity at Old National Bancorp

In related news, insider Nicholas J. Chulos sold 20,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This represents a 27.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Chady M. Alahmar sold 11,771 shares of the company’s stock in a transaction 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 transaction, the chief executive officer owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.72% of the stock is currently owned by corporate insiders.

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.