Wellington Management Group LLP Purchases 7,872,318 Shares of Old National Bancorp (NASDAQ:ONB)

Wellington Management Group LLP increased its position in shares of Old National Bancorp (NASDAQ:ONB) by 923.4% during the 4th quarter, Holdings Channel reports. 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’s holdings in Old National Bancorp were worth $189,374,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Sanctuary Advisors LLC boosted its stake in Old National Bancorp by 1.4% in the 4th quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank’s stock worth $762,000 after purchasing an additional 432 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after buying an additional 615 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of Old National Bancorp by 3.8% during the fourth quarter. CIBC Private Wealth Group LLC now owns 16,744 shares of the bank’s stock worth $356,000 after acquiring an additional 615 shares during the last quarter. Stifel Financial Corp grew its stake in Old National Bancorp by 1.2% during the third quarter. Stifel Financial Corp now owns 53,594 shares of the bank’s stock valued at $1,000,000 after acquiring an additional 648 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after acquiring an additional 663 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Up 1.6 %

NASDAQ ONB opened at $21.35 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84. Old National Bancorp has a 52 week low of $15.38 and a 52 week high of $24.49. The firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of 12.71 and a beta of 0.85. The company has a fifty day moving average of $22.63 and a two-hundred day moving average of $21.44.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping 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 firm posted $0.46 earnings per share. On average, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

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

Analysts Set New Price Targets

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

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.