Wellington Management Group LLP Raises Position in Old National Bancorp (NASDAQ:ONB)

Wellington Management Group LLP grew its position in shares of Old National Bancorp (NASDAQ:ONB) by 923.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 8,724,893 shares of the bank’s stock after acquiring an additional 7,872,318 shares during the period. Wellington Management Group LLP owned about 2.74% of Old National Bancorp worth $189,374,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Lee Danner & Bass Inc. purchased a new position in Old National Bancorp during the 4th quarter valued at about $25,000. Empowered Funds LLC purchased a new position in shares of Old National Bancorp during the fourth quarter valued at approximately $28,000. Versant Capital Management Inc boosted its position in shares of Old National Bancorp by 58.4% in the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after purchasing an additional 615 shares in the last quarter. UMB Bank n.a. grew its stake in shares of Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after buying an additional 663 shares during the last quarter. Finally, Bank of Jackson Hole Trust bought a new position in Old National Bancorp during the 4th quarter valued at approximately $65,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Up 1.6 %

NASDAQ:ONB opened at $21.35 on Thursday. The company has a market cap of $6.81 billion, a PE ratio of 12.71 and a beta of 0.85. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. Old National Bancorp has a 12 month low of $15.38 and a 12 month high of $24.49. The company has a 50 day simple moving average of $22.63 and a two-hundred day simple moving average of $21.44.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same quarter in the previous year, the company earned $0.46 earnings per share. Research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.62%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s dividend payout ratio is presently 33.33%.

Analysts Set New Price Targets

ONB has been the topic of a number of recent research reports. Stephens reissued an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Raymond James reduced their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research note on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays raised their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

About Old National Bancorp

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.