JPMorgan Chase & Co. Cuts Position in Old National Bancorp (NASDAQ:ONB)

Posted by Defense World Staff on Jun 8th, 2023

JPMorgan Chase & Co. trimmed its holdings in shares of Old National Bancorp (NASDAQ:ONB – Get Rating) by 0.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,565,961 shares of the bank’s stock after selling 26,835 shares during the period. JPMorgan Chase & Co. owned about 1.22% of Old National Bancorp worth $64,116,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ONB. Verdence Capital Advisors LLC boosted its holdings in shares of Old National Bancorp by 2.4% during the third quarter. Verdence Capital Advisors LLC now owns 23,122 shares of the bank’s stock worth $381,000 after purchasing an additional 552 shares during the period. Bayesian Capital Management LP raised its stake in Old National Bancorp by 1.7% in the third quarter. Bayesian Capital Management LP now owns 35,100 shares of the bank’s stock worth $578,000 after buying an additional 600 shares in the last quarter. Indiana Trust & Investment Management CO raised its stake in Old National Bancorp by 0.9% in the fourth quarter. Indiana Trust & Investment Management CO now owns 72,905 shares of the bank’s stock worth $1,311,000 after buying an additional 627 shares in the last quarter. Phillips Financial Management LLC raised its stake in Old National Bancorp by 2.8% in the fourth quarter. Phillips Financial Management LLC now owns 24,262 shares of the bank’s stock worth $436,000 after buying an additional 664 shares in the last quarter. Finally, State of Michigan Retirement System raised its stake in Old National Bancorp by 0.9% in the fourth quarter. State of Michigan Retirement System now owns 74,542 shares of the bank’s stock worth $1,340,000 after buying an additional 700 shares in the last quarter. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP John V. Moran purchased 2,500 shares of Old National Bancorp stock in a transaction on Tuesday, May 9th. The shares were bought at an average cost of $19.85 per share, for a total transaction of $49,625.00. Following the acquisition, the executive vice president now owns 2,500 shares in the company, valued at approximately $49,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP John V. Moran purchased 2,500 shares of Old National Bancorp stock in a transaction on Tuesday, May 9th. The shares were bought at an average cost of $19.85 per share, for a total transaction of $49,625.00. Following the acquisition, the executive vice president now owns 2,500 shares in the company, valued at approximately $49,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn Hayley purchased 7,500 shares of Old National Bancorp stock in a transaction on Monday, May 1st. The stock was bought at an average price of $13.34 per share, for a total transaction of $100,050.00. Following the completion of the acquisition, the director now owns 33,572 shares in the company, valued at approximately $447,850.48. The disclosure for this purchase can be found here. Insiders have bought 23,200 shares of company stock worth $317,679 in the last three months. Company insiders own 0.89% of the company’s stock.

Old National Bancorp Trading Up 3.3 %

Shares of Old National Bancorp stock opened at $13.95 on Thursday. The company’s fifty day simple moving average is $13.18 and its 200-day simple moving average is $15.94. The stock has a market capitalization of $4.08 billion, a PE ratio of 6.94 and a beta of 0.81. Old National Bancorp has a 1-year low of $11.66 and a 1-year high of $20.19. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.90 and a quick ratio of 0.90.

Old National Bancorp (NASDAQ:ONB – Get Rating) last announced its quarterly earnings data on Tuesday, April 25th. The bank reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm 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%. The company’s revenue was up 56.9% on a year-over-year basis. During the same period last year, the firm earned $0.40 EPS. As a group, equities analysts anticipate that Old National Bancorp will post 2.06 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $0.56 annualized dividend and a dividend yield of 4.01%. Old National Bancorp’s payout ratio is 27.86%.

Analyst Ratings Changes

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

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.