Cibc World Market Inc. Takes $658,000 Position in Old National Bancorp $ONB

Cibc World Market Inc. purchased a new stake in Old National Bancorp (NASDAQ:ONB) during the third quarter, HoldingsChannel.com reports. The firm purchased 30,000 shares of the bank’s stock, valued at approximately $658,000.

Other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in shares of Old National Bancorp by 5.3% during the 3rd quarter. Principal Financial Group Inc. now owns 786,469 shares of the bank’s stock worth $17,263,000 after purchasing an additional 39,892 shares in the last quarter. Thrivent Financial for Lutherans increased its position in Old National Bancorp by 7.9% during the third quarter. Thrivent Financial for Lutherans now owns 2,799,932 shares of the bank’s stock worth $61,459,000 after buying an additional 204,788 shares in the last quarter. Boston Partners raised its holdings in shares of Old National Bancorp by 0.9% in the second quarter. Boston Partners now owns 1,895,273 shares of the bank’s stock worth $40,307,000 after acquiring an additional 17,033 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Old National Bancorp by 481.5% during the third quarter. Pacer Advisors Inc. now owns 60,480 shares of the bank’s stock valued at $1,328,000 after acquiring an additional 50,080 shares during the last quarter. Finally, Accredited Investors Inc. increased its position in Old National Bancorp by 20.7% during the 3rd quarter. Accredited Investors Inc. now owns 450,040 shares of the bank’s stock worth $9,878,000 after purchasing an additional 77,145 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ONB shares. Piper Sandler restated an “overweight” rating and issued a $26.00 target price (down from $27.00) on shares of Old National Bancorp in a report on Thursday, October 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th. UBS Group reaffirmed a “neutral” rating and issued a $26.00 target price on shares of Old National Bancorp in a research note on Wednesday, February 4th. Royal Bank Of Canada increased their price target on Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 22nd. Finally, Truist Financial raised their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Old National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.36.

Insiders Place Their Bets

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of Old National Bancorp stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total transaction of $751,500.00. Following the transaction, the insider directly owned 20,438 shares of the company’s stock, valued at $511,971.90. The trade was a 59.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.87% of the stock is currently owned by company insiders.

Old National Bancorp Stock Up 0.1%

Shares of NASDAQ ONB opened at $24.91 on Thursday. The stock has a market capitalization of $9.73 billion, a PE ratio of 13.92 and a beta of 0.84. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.80. The firm has a fifty day moving average of $23.71 and a 200-day moving average of $22.31. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $26.17.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, topping the consensus estimate of $0.59 by $0.03. The company had revenue of $714.50 million during the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a return on equity of 15.06% and a net margin of 17.91%.During the same period in the prior year, the firm posted $0.49 earnings per share. On average, analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

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.