Elevation Point Wealth Partners LLC Acquires New Shares in Old National Bancorp $ONB

Elevation Point Wealth Partners LLC bought 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 & Exchange Commission. The fund bought 31,008 shares of the bank’s stock, valued at approximately $803,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new position in Old National Bancorp in the 4th quarter valued at approximately $27,000. Los Angeles Capital Management LLC acquired a new stake in shares of Old National Bancorp during the 4th quarter valued at $36,000. Peterson Wealth Services grew its position in Old National Bancorp by 9,711.8% during the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $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 worth about $49,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Old National Bancorp in the fourth quarter valued at about $54,000. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on ONB shares. 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 report on Thursday, July 23rd. Truist Financial boosted their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Barclays increased their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. UBS Group began coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Raymond James Financial assumed coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “market perform” rating for the company. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.36.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of the firm’s stock in a transaction 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 directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chady M. Alahmar sold 11,771 shares of the company’s stock in a transaction 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 completion of the sale, 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 position. The SEC filing for this sale provides additional information. Corporate insiders own 0.72% of the company’s stock.

Old National Bancorp Stock Down 0.2%

Shares of NASDAQ:ONB opened at $25.77 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. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.36. The business’s 50 day simple moving average is $26.23 and its two-hundred day simple moving average is $24.48. The firm has a market cap of $9.86 billion, a P/E ratio of 11.45 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 21.60% and a return on equity of 11.80%. Old National Bancorp’s revenue was up 13.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 EPS. As a group, research analysts forecast that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 2.3%. Old National Bancorp’s payout ratio is presently 25.78%.

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.