Teacher Retirement System of Texas Purchases 18,261 Shares of Old National Bancorp (NASDAQ:ONB)

Posted by Defense World Staff on Jun 7th, 2023

Teacher Retirement System of Texas raised its position in Old National Bancorp (NASDAQ:ONB – Get Rating) by 23.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 95,308 shares of the bank’s stock after acquiring an additional 18,261 shares during the quarter. Teacher Retirement System of Texas’ holdings in Old National Bancorp were worth $1,714,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ONB. Group One Trading L.P. lifted its holdings in Old National Bancorp by 472.0% during the third quarter. Group One Trading L.P. now owns 1,836 shares of the bank’s stock valued at $30,000 after purchasing an additional 1,515 shares in the last quarter. Toth Financial Advisory Corp purchased a new position in Old National Bancorp during the fourth quarter valued at approximately $34,000. Quadrant Capital Group LLC lifted its holdings in Old National Bancorp by 54.6% during the third quarter. Quadrant Capital Group LLC now owns 2,238 shares of the bank’s stock valued at $37,000 after purchasing an additional 790 shares in the last quarter. CI Investments Inc. purchased a new position in Old National Bancorp during the fourth quarter valued at approximately $44,000. Finally, Signaturefd LLC lifted its holdings in Old National Bancorp by 69.1% during the third quarter. Signaturefd LLC now owns 3,009 shares of the bank’s stock valued at $50,000 after purchasing an additional 1,230 shares in the last quarter. Institutional investors own 76.41% of the company’s stock.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $13.50 on Wednesday. The company has a market cap of $3.95 billion, a price-to-earnings ratio of 6.72 and a beta of 0.81. The firm’s fifty day moving average is $13.19 and its 200 day moving average is $15.95. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.14. Old National Bancorp has a 52-week low of $11.66 and a 52-week high of $20.19.

Old National Bancorp (NASDAQ:ONB – Get Rating) last released its quarterly earnings results on Tuesday, April 25th. The bank reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $457.84 million for the quarter, compared to the consensus estimate of $456.00 million. Old National Bancorp had a net margin of 28.42% and a return on equity of 12.73%. Old National Bancorp’s revenue was up 56.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 earnings per share. Sell-side analysts forecast that Old National Bancorp will post 2.06 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date is Wednesday, May 31st. Old National Bancorp’s dividend payout ratio (DPR) is 27.86%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ONB shares. StockNews.com started coverage on shares of Old National Bancorp in a report on Thursday, May 18th. They set a “sell” rating on the stock. UBS Group began coverage on shares of Old National Bancorp in a report on Wednesday, March 15th. They issued a “neutral” rating and a $16.00 target price on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Old National Bancorp from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. Finally, TheStreet downgraded shares of Old National Bancorp from a “b-” rating to a “c+” rating in a report on Friday, May 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $20.00.

Insider Buying and Selling at Old National Bancorp

In other news, EVP John V. Moran acquired 2,500 shares of the business’s stock in a transaction on Tuesday, May 9th. The shares were acquired at an average price of $19.85 per share, for a total transaction of $49,625.00. Following the completion of the transaction, the executive vice president now directly owns 2,500 shares of the company’s stock, valued at approximately $49,625. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Thomas Lynn Brown purchased 5,000 shares of the business’s stock in a transaction dated Friday, April 28th. The shares were purchased at an average cost of $13.56 per share, for a total transaction of $67,800.00. Following the completion of the acquisition, the director now owns 23,400 shares in the company, valued at approximately $317,304. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John V. Moran purchased 2,500 shares of the business’s stock in a transaction dated Tuesday, May 9th. The stock was bought at an average price of $19.85 per share, for a total transaction of $49,625.00. Following the completion of the acquisition, the executive vice president now owns 2,500 shares of the company’s stock, valued at approximately $49,625. The disclosure for this purchase can be found here. Insiders have bought 23,200 shares of company stock worth $317,679 over the last quarter. Insiders own 0.89% of the company’s stock.

Old National Bancorp Company Profile

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Old National Bancorp operates as a financial holding company. It engages in the provision of financial and banking solutions. The firm’s Community Banking segment provides commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust and investment advisory services.