Balyasny Asset Management L.P. Makes New $4.97 Million Investment in Old National Bancorp (NASDAQ:ONB)

Balyasny Asset Management L.P. acquired a new stake in Old National Bancorp (NASDAQ:ONB) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 228,841 shares of the bank’s stock, valued at approximately $4,967,000. Balyasny Asset Management L.P. owned approximately 0.07% of Old National Bancorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bayview Asset Management LLC acquired a new position in shares of Old National Bancorp during the 4th quarter worth about $1,013,000. Basswood Capital Management L.L.C. raised its stake in Old National Bancorp by 129.4% in the fourth quarter. Basswood Capital Management L.L.C. now owns 1,173,763 shares of the bank’s stock valued at $25,477,000 after buying an additional 662,106 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of Old National Bancorp in the fourth quarter valued at approximately $78,293,000. Soros Fund Management LLC bought a new position in shares of Old National Bancorp during the 4th quarter worth approximately $24,190,000. Finally, Schonfeld Strategic Advisors LLC increased its holdings in shares of Old National Bancorp by 108.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 47,426 shares of the bank’s stock worth $1,029,000 after acquiring an additional 24,682 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

ONB opened at $21.40 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. Old National Bancorp has a 52-week low of $15.60 and a 52-week high of $24.49. The firm has a market cap of $6.84 billion, a P/E ratio of 12.74 and a beta of 0.85. The business’s fifty day moving average is $20.42 and its 200-day moving average is $21.66.

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

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Wednesday, March 5th. Old National Bancorp’s payout ratio is presently 32.56%.

Wall Street Analyst Weigh In

ONB has been the subject of a number of research analyst reports. 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 report on Wednesday, April 2nd. Stephens reissued an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Citigroup cut their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Barclays decreased their target price on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Royal Bank of Canada reduced their price target on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Old National Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $25.63.

Old National Bancorp Company Profile

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.