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Old National Bancorp (ONB)

Old National Bancorp, the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $23 billion in assets, it ranks among the top 100 banking companies in the U.S. and hasbeen recognized as a World's Most Ethical Company by the Ethisphere Institute for ten consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships and keeping its clients at the center. This is an approach to business called TheONB Way. Today, Old National's footprint includes Indiana, Kentucky, Michigan, Minnesota and Wisconsin. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment and capital market services.

Company profile

Ticker
ONB, ONBPO, ONBPP
Exchange
CEO
James Ryan
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
OLD NATIONAL BANCORP, OLD NATIONAL TRUST CO
SEC CIK
Subsidiaries
Old National Realty Company, Inc. ...
IRS number
351539838

ONB stock data

Analyst ratings and price targets

Last 3 months
Stephens & Co.
Upgraded
Overweight
$19.00
13 May 22

Investment data

Data from SEC filings
Top 50 of 636 long holdings
End of quarter 30 Jun 22
Value
 
#Shares
 
$222.46M 686.12K
$108.6M 313.08K
$90.87M 664.64K
$88.33M 343.93K
$77.51M 205.46K
$69.45M 546.32K
$59.07M 155.8K
$52.45M 24.07K
$43.61M 834.24K
$42.41M 1.15M
$38.63M 363.69K
$37.16M 289.79K
$32.55M 63.38K
$29.08M 189.84K
$29.07M 211.48K
$29.01M 163.4K
$28.81M 146.34K
$28.27M 277.96K
$27.69M 880.34K
$26.05M 47.95K
$25.68M 1.22M
$25.34M 58.93K
$25.09M 222.82K
Vanguard Tax-managed FDS
$24.63M 603.6K
$23.34M 595.93K
$23.22M 84.67K
$23.15M 72.56K
$22.53M 88.86K
$22.43M 256.86K
$20.9M 108.02K
$20.86M 384.31K
$20.18M 235.64K
$19.99M 276.9K
$19.97M 1.35M
$19.36M 134.65K
$19.16M 201.51K
$18.92M 38.31K
$17.43M 188.11K
$16.86M 99.56K
$16.44M 44.91K
$16.32M 180.39K
$16M 89.51K
$15.29M 51.07K
$15.2M 72.75K
$15.17M 91.02K
$14.8M 207K
$14.67M 410.15K
$14.19M 98.01K
$13.96M 373.17K
$13.78M 178.91K
Holdings list only includes long positions. Only includes long positions.

Calendar

3 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 797.96M 797.96M 797.96M 797.96M 797.96M 797.96M
Cash burn (monthly) 392.86M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 569.33M n/a n/a n/a n/a n/a
Cash remaining 228.63M n/a n/a n/a n/a n/a
Runway (months of cash) 0.6 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Aug 22 Evernham Scott J PHANTOM STOCK COMMON STOCK Grant Acquire A No No 17.24 57 982.68 8,829
8 Aug 22 Sandgren James A PHANTOM STOCK COMMON STOCK Grant Acquire A No No 17.24 54 930.96 13,861
25 Jul 22 Evernham Scott J PHANTOM STOCK COMMON STOCK Grant Acquire A No No 16.22 60 973.2 8,772
25 Jul 22 Sandgren James A PHANTOM STOCK COMMON STOCK Grant Acquire A No No 16.22 57 924.54 13,808
11 Jul 22 Sandgren James A PHANTOM STOCK COMMON STOCK Grant Acquire A No No 14.96 62 927.52 13,751
75.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 334 248 +34.7%
Opened positions 113 39 +189.7%
Closed positions 27 21 +28.6%
Increased positions 136 60 +126.7%
Reduced positions 44 81 -45.7%
13F shares Current Prev Q Change
Total value 3.71B 2.37B +56.7%
Total shares 222.23M 130.63M +70.1%
Total puts 800 42.8K -98.1%
Total calls 4.02M 3.89M +3.5%
Total put/call ratio 0.0 0.0 -98.2%
Largest owners Shares Value Change
BLK Blackrock 33.38M $546.74M +37.6%
Vanguard 29.66M $485.88M +59.8%
Dimensional Fund Advisors 18.07M $296M +71.3%
STT State Street 15.42M $252.64M +54.9%
Fuller & Thaler Asset Management 14.3M $234.31M +774.8%
American Century Companies 7.48M $122.5M +22.9%
Geode Capital Management 5.35M $87.57M +85.4%
MCQEF Macquarie 5M $81.95M +13.9%
PZN Pzena Investment Management 4.45M $72.9M NEW
Barrow Hanley Mewhinney & Strauss 4.04M $66.12M +25.0%
Largest transactions Shares Bought/sold Change
Fuller & Thaler Asset Management 14.3M +12.67M +774.8%
Vanguard 29.66M +11.1M +59.8%
BLK Blackrock 33.38M +9.12M +37.6%
Dimensional Fund Advisors 18.07M +7.52M +71.3%
STT State Street 15.42M +5.47M +54.9%
PZN Pzena Investment Management 4.45M +4.45M NEW
Wellington Management 3.75M +3.75M NEW
Geode Capital Management 5.35M +2.46M +85.4%
NTRS Northern Trust 4.03M +2.19M +119.2%
Verition Fund Management 2.17M +2.17M NEW

Financial report summary

?
Competition
FintechFintech
Risks
  • Old National has incurred and expects to incur substantial costs related to the merger with First Midwest (the “merger”) and integration.
  • Combining Old National and First Midwest may be more difficult, costly or time-consuming than expected, and Old National may fail to realize the anticipated benefits of the merger.
  • The combined company may be unable to retain Old National and/or First Midwest personnel successfully after the merger is completed.
  • The COVID-19 pandemic may delay and adversely affect the completion of the merger and the integration of the businesses of Old National and First Midwest.
  • Failure to complete the merger could negatively impact Old National.
  • Old National is subject to business uncertainties and contractual restrictions while the merger is pending.
  • Shareholder litigation related to the merger could prevent or delay the completion of the merger, result in the payment of damages or otherwise negatively impact the business and operations of Old National.
  • The merger agreement may be terminated in accordance with its terms and the merger may not be completed.
  • The merger agreement limits Old National’s abilities to pursue alternatives to the merger and may discourage other companies from trying to acquire Old National.
  • Acquisitions may not produce revenue enhancements or cost savings at levels or within timeframes originally anticipated and may result in unforeseen integration difficulties and dilution to existing shareholder value.
Management Discussion
  • (1)Represents a non-GAAP financial measure.  Refer to “Non-GAAP Financial Measures” section for reconciliations to GAAP financial measures.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Bad
New words: BBB, conflict, custodian, equitably, ICP, immaterial, Missouri, premium, provisional, Ukraine, UMB, unsettled
Removed: accomplished, applying, arrangement, assert, assertion, Chair, communicable, consumption, create, creation, discounting, dividing, embedded, fewer, floored, forecasted, host, house, improved, Indenture, legacy, limiting, lowered, main, margining, Mellon, Morgan, open, organic, paragraph, pertaining, pipeline, preserve, reassessing, remote, responsible, scope, separation, sponsored, successor, trustee, vaccine, York