Point72 Asset Management L.P. Increases Position in Old National Bancorp (NASDAQ:ONB)

Point72 Asset Management L.P. lifted its position in shares of Old National Bancorp (NASDAQ:ONB) by 6,650.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,275,792 shares of the bank’s stock after buying an additional 1,256,892 shares during the quarter. Point72 Asset Management L.P.’s holdings in Old National Bancorp were worth $21,931,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ONB. Dimensional Fund Advisors LP increased its position in Old National Bancorp by 12.7% during the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock worth $289,481,000 after purchasing an additional 1,896,748 shares during the last quarter. American Century Companies Inc. increased its position in Old National Bancorp by 3.2% during the second quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock worth $242,795,000 after purchasing an additional 441,887 shares during the last quarter. Verition Fund Management LLC increased its position in Old National Bancorp by 48.9% during the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock worth $63,787,000 after purchasing an additional 1,240,952 shares during the last quarter. Bank of New York Mellon Corp increased its position in Old National Bancorp by 6.1% during the second quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock worth $60,923,000 after purchasing an additional 203,088 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC increased its position in Old National Bancorp by 0.8% during the first quarter. Silvercrest Asset Management Group LLC now owns 3,305,752 shares of the bank’s stock worth $57,553,000 after purchasing an additional 25,519 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity at Old National Bancorp

In related news, insider Kendra L. Vanzo sold 20,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the sale, the insider now directly owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the transaction, the chief executive officer now directly owns 287,409 shares in the company, valued at approximately $5,730,935.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kendra L. Vanzo sold 20,000 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the transaction, the insider now owns 117,676 shares in the company, valued at $2,335,868.60. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.

Old National Bancorp Price Performance

ONB opened at $18.54 on Friday. The company has a fifty day simple moving average of $18.96 and a 200 day simple moving average of $17.57. The firm has a market cap of $5.91 billion, a price-to-earnings ratio of 10.02 and a beta of 0.83. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $20.43. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.96.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. The business had revenue of $750.93 million during the quarter, compared to analyst estimates of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. During the same period last year, the business earned $0.54 EPS. Equities research analysts expect that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s payout ratio is 30.27%.

Analyst Upgrades and Downgrades

ONB has been the subject of several research analyst reports. Royal Bank of Canada upped their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Barclays increased their price objective on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Hovde Group assumed coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price objective for the company. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.63.

Old National Bancorp Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.