Alyeska Investment Group L.P. Invests $78.29 Million in Old National Bancorp (NASDAQ:ONB)

Alyeska Investment Group L.P. bought a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,607,127 shares of the bank's stock, valued at approximately $78,293,000. Alyeska Investment Group L.P. owned 1.13% of Old National Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP boosted its stake in shares of Old National Bancorp by 923.4% during the 4th 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 in the last quarter. Norges Bank bought a new stake in Old National Bancorp during the 4th quarter worth approximately $76,684,000. William Blair Investment Management LLC lifted its stake in Old National Bancorp by 172.1% in the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank's stock worth $119,236,000 after purchasing an additional 3,474,578 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Old National Bancorp in the 4th quarter worth $42,316,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Old National Bancorp by 155.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,036,909 shares of the bank's stock worth $65,916,000 after purchasing an additional 1,850,249 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Stock Up 2.0 %

Shares of NASDAQ ONB traded up $0.43 during midday trading on Thursday, reaching $21.67. The company's stock had a trading volume of 786,468 shares, compared to its average volume of 2,487,943. Old National Bancorp has a fifty-two week low of $15.60 and a fifty-two week high of $24.49. The stock has a market capitalization of $6.93 billion, a price-to-earnings ratio of 12.90 and a beta of 0.85. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The stock has a 50 day simple moving average of $20.48 and a 200-day simple moving average of $21.60.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. The company had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. Equities research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared 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 of this dividend was Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.58%. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ONB. StockNews.com upgraded Old National Bancorp from a "sell" rating to a "hold" rating in a report on Wednesday, April 23rd. Citigroup cut their price objective on 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 reduced 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. Raymond James lowered their price objective on 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. Finally, Stephens restated an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Monday, April 14th. Two research 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 company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $25.63.

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.