26,520 Shares in Old National Bancorp (NASDAQ:ONB) Bought by Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust purchased a new stake in Old National Bancorp (NASDAQ:ONB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,520 shares of the bank’s stock, valued at approximately $576,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ONB. Wellington Management Group LLP boosted its holdings in Old National Bancorp by 923.4% during the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after buying an additional 7,872,318 shares in the last quarter. Norges Bank purchased a new stake in shares of Old National Bancorp during the 4th quarter worth about $76,684,000. William Blair Investment Management LLC grew its position in shares of Old National Bancorp by 172.1% during the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock valued at $119,236,000 after acquiring an additional 3,474,578 shares during the period. ExodusPoint Capital Management LP purchased a new position in shares of Old National Bancorp in the 4th quarter valued at about $42,316,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Old National Bancorp by 155.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,036,909 shares of the bank’s stock worth $65,916,000 after purchasing an additional 1,850,249 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ONB has been the topic of several research analyst reports. Barclays dropped their price objective on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Royal Bank of Canada decreased their price objective on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, April 23rd. Stephens reaffirmed an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Monday, April 14th. Finally, Raymond James reduced their target price on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a report on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $25.63.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $20.99 on Wednesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. The business’s 50 day moving average price is $20.77 and its 200 day moving average price is $21.55. The company has a market cap of $6.70 billion, a price-to-earnings ratio of 12.49 and a beta of 0.82. Old National Bancorp has a one year low of $15.60 and a one year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. The firm had revenue of $486.87 million for the quarter, compared to analysts’ expectations of $478.37 million. On average, research analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s payout ratio is presently 32.56%.

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.