Adage Capital Partners GP L.L.C. Invests $8.03 Million in Old National Bancorp (NASDAQ:ONB)

Adage Capital Partners GP L.L.C. bought a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 370,000 shares of the bank's stock, valued at approximately $8,031,000. Adage Capital Partners GP L.L.C. owned 0.12% of Old National Bancorp at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC grew its position in Old National Bancorp by 93.6% in the third quarter. Barclays PLC now owns 839,504 shares of the bank's stock worth $15,665,000 after buying an additional 405,956 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Old National Bancorp by 13.5% during the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank's stock worth $65,275,000 after purchasing an additional 416,647 shares during the period. Versant Capital Management Inc lifted its holdings in shares of 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 purchasing an additional 615 shares during the last quarter. Neville Rodie & Shaw Inc. acquired a new position in shares of Old National Bancorp in the 4th quarter valued at $652,000. Finally, Fifth Third Wealth Advisors LLC purchased a new position in Old National Bancorp in the 4th quarter worth about $209,000. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Price Performance

Shares of ONB traded up $0.08 on Thursday, hitting $20.67. The company's stock had a trading volume of 3,744,870 shares, compared to its average volume of 2,482,869. The company has a 50 day moving average price of $20.66 and a 200 day moving average price of $21.56. Old National Bancorp has a fifty-two week low of $15.60 and a fifty-two week high of $24.49. The company has a market capitalization of $6.60 billion, a PE ratio of 12.30 and a beta of 0.82. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92.

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

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were issued a $0.14 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.71%. Old National Bancorp's dividend payout ratio is presently 32.56%.

Wall Street Analyst Weigh In

ONB has been the topic of several research reports. Royal Bank of Canada dropped 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 note on Wednesday, April 23rd. Raymond James lowered their target price on shares of 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. Stephens restated an "overweight" rating and set a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Citigroup dropped their price target on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Finally, Barclays decreased their price target on shares of 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. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Old National Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target 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.