Emerald Mutual Fund Advisers Trust Invests $576,000 in Old National Bancorp (NASDAQ:ONB)

Emerald Mutual Fund Advisers Trust bought a new position in Old National Bancorp (NASDAQ:ONB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 26,520 shares of the bank's stock, valued at approximately $576,000.

Several other large investors also recently modified their holdings of ONB. Wellington Management Group LLP lifted its holdings in shares of 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 valued at $189,374,000 after purchasing an additional 7,872,318 shares during the last quarter. Norges Bank bought a new stake in Old National Bancorp during the 4th quarter valued at about $76,684,000. William Blair Investment Management LLC increased its stake in 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 purchasing an additional 3,474,578 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in Old National Bancorp in the fourth quarter worth about $42,316,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Old National Bancorp by 155.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,036,909 shares of the bank's stock worth $65,916,000 after buying an additional 1,850,249 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ONB. Raymond James cut their target price on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, April 2nd. Barclays decreased their target price on Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. StockNews.com upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. Royal Bank of Canada lowered 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 research report on Wednesday, April 23rd. Finally, Stephens reaffirmed an "overweight" rating and issued a $27.00 target price on shares of Old National Bancorp in a research report on Monday, April 14th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Old National Bancorp has a consensus rating of "Moderate Buy" and an average target price of $25.63.

Old National Bancorp Stock Performance

ONB stock traded up $0.21 during midday trading on Monday, reaching $21.45. 364,922 shares of the company's stock traded hands, compared to its average volume of 2,483,357. The stock's 50-day moving average is $20.62 and its 200 day moving average is $21.60. The stock has a market cap of $6.86 billion, a P/E ratio of 12.77 and a beta of 0.85. Old National Bancorp has a 52-week low of $15.60 and a 52-week high of $24.49. 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 (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.42 by $0.03. The firm had revenue of $486.87 million during the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. As a group, analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, March 5th. This represents a $0.56 annualized dividend and a yield of 2.61%. Old National Bancorp's payout ratio is 32.56%.

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.