CoreCap Advisors LLC Acquires 266,972 Shares of Old National Bancorp $ONB

CoreCap Advisors LLC boosted its holdings in Old National Bancorp (NASDAQ:ONB) by 1,213,509.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 266,994 shares of the bank’s stock after purchasing an additional 266,972 shares during the quarter. CoreCap Advisors LLC owned about 0.07% of Old National Bancorp worth $6,579,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Valeo Financial Advisors LLC grew its position in Old National Bancorp by 1.9% during the 3rd quarter. Valeo Financial Advisors LLC now owns 27,233 shares of the bank’s stock worth $671,000 after purchasing an additional 514 shares during the last quarter. Cim Investment Management Inc. purchased a new stake in shares of Old National Bancorp in the second quarter valued at about $217,000. QRG Capital Management Inc. raised its holdings in shares of Old National Bancorp by 36.7% in the second quarter. QRG Capital Management Inc. now owns 52,135 shares of the bank’s stock valued at $1,350,000 after buying an additional 13,985 shares during the last quarter. NorthRock Partners LLC acquired a new stake in shares of Old National Bancorp during the second quarter worth about $235,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Old National Bancorp during the second quarter worth about $41,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the company. Raymond James Financial raised Old National Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 price objective for the company in a research note on Tuesday. Barclays lifted their target price on Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. TD Cowen cut their price target on Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Monday. Truist Financial increased their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research report on Tuesday, September 1st. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and an average target price of $29.86.

Old National Bancorp Stock Performance

Shares of ONB stock traded up $0.31 during trading hours on Thursday, reaching $24.73. 5,664,592 shares of the company’s stock were exchanged, compared to its average volume of 3,659,963. 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 company’s 50 day moving average is $25.82 and its two-hundred day moving average is $24.86. The company has a market cap of $9.46 billion, a P/E ratio of 10.99 and a beta of 0.86. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same quarter last year, the firm posted $0.53 EPS. The business’s revenue was up 13.2% compared to the same quarter last year. Equities research analysts anticipate that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were issued a $0.1450 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. Old National Bancorp’s dividend payout ratio is currently 25.78%.

Insider Activity at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the business’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 sale, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $533,200.00. Following the completion of the sale, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.72% of the company’s stock.

About Old National Bancorp

Old National Bancorp is a regional financial holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

Old National Bank offers a range of products and services, including checking and savings accounts, consumer and commercial lending, mortgages, treasury management, wealth management, investment services and personal financial planning.