William Blair Investment Management LLC Purchases 3,474,578 Shares of Old National Bancorp (NASDAQ:ONB)

William Blair Investment Management LLC boosted its position in shares of Old National Bancorp (NASDAQ:ONB) by 172.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,493,490 shares of the bank’s stock after buying an additional 3,474,578 shares during the period. William Blair Investment Management LLC owned approximately 1.72% of Old National Bancorp worth $119,236,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC bought a new position in Old National Bancorp during the fourth quarter valued at approximately $28,000. Versant Capital Management Inc boosted its stake in Old National Bancorp by 58.4% during the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after buying an additional 615 shares during the last quarter. UMB Bank n.a. lifted 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 valued at $39,000 after purchasing an additional 663 shares during the last quarter. Bank of Jackson Hole Trust bought a new stake in shares of Old National Bancorp in the 4th quarter valued at approximately $65,000. Finally, Allworth Financial LP lifted its stake in shares of Old National Bancorp by 150.5% in the 4th quarter. Allworth Financial LP now owns 3,507 shares of the bank’s stock valued at $82,000 after purchasing an additional 2,107 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ONB shares. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Barclays raised their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $26.00 price objective (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods raised their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler reissued an “overweight” rating and set a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. One investment 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $26.29.

Old National Bancorp Trading Up 3.8 %

ONB opened at $20.96 on Monday. The stock’s fifty day moving average is $22.82 and its two-hundred day moving average is $21.25. The company has a market capitalization of $6.69 billion, a P/E ratio of 12.48 and a beta of 0.85. Old National Bancorp has a 52 week low of $15.38 and a 52 week high of $24.49. 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 (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same quarter in the prior year, the company posted $0.46 EPS. Analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $0.56 annualized dividend and a yield of 2.67%. Old National Bancorp’s payout ratio is currently 33.33%.

Old National Bancorp 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.