Crestline Management LP Acquires New Holdings in Old National Bancorp (NASDAQ:ONB)

Crestline Management LP purchased a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 54,161 shares of the bank's stock, valued at approximately $1,176,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. acquired a new stake in Old National Bancorp in the 4th quarter valued at $25,000. Empowered Funds LLC acquired a new stake in Old National Bancorp in the 4th quarter valued at $28,000. UMB Bank n.a. increased its stake in shares of Old National Bancorp by 58.9% during the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock worth $39,000 after purchasing an additional 663 shares during the last quarter. Bank of Jackson Hole Trust acquired a new position in shares of Old National Bancorp during the 4th quarter worth about $65,000. Finally, Allworth Financial LP increased its stake in shares of Old National Bancorp by 150.5% during the 4th quarter. Allworth Financial LP now owns 3,507 shares of the bank's stock worth $82,000 after purchasing an additional 2,107 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB traded up $0.32 on Tuesday, reaching $22.45. 2,652,575 shares of the company's stock were exchanged, compared to its average volume of 2,504,108. The company has a fifty day moving average of $20.42 and a 200-day moving average of $21.70. Old National Bancorp has a twelve month low of $15.60 and a twelve month high of $24.49. The company has a market capitalization of $7.18 billion, a price-to-earnings ratio of 13.36 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.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates 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. On average, research analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ONB. 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 note on Wednesday, April 23rd. Stephens restated an "overweight" rating and set a $27.00 price objective on shares of Old National Bancorp in a research note on Monday, April 14th. Citigroup lowered their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. StockNews.com upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. Finally, Raymond James lowered their price objective 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. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Old National Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $25.67.

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.