2,435,533 Old National Bancorp $ONB Shares Sold by William Blair Investment Management LLC

Key Points

• William Blair Investment Management cut its Old National Bancorp stake by 63.5%, selling 2,435,533 shares in the third quarter. It retained 1,397,781 shares, worth about $34.4 million.
• Analysts maintain a “Moderate Buy” consensus from 12 Buy and two Hold ratings, with an average price target of $29.57; ONB recently traded at $25.05.
• Old National reported quarterly EPS of $0.66, matching estimates, while revenue of $719 million fell short of expectations. The bank announced a quarterly dividend of $0.145 per share, equivalent to a 2.3% yield.

William Blair Investment Management LLC lessened its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 63.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,397,781 shares of the bank's stock after selling 2,435,533 shares during the quarter. William Blair Investment Management LLC owned 0.37% of Old National Bancorp worth $34,441,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ONB. BlackRock Inc. purchased a new position in shares of Old National Bancorp in the 2nd quarter worth about $1,215,819,000. Dimensional Fund Advisors LP increased its position in shares of Old National Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank's stock valued at $395,193,000 after purchasing an additional 310,352 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Old National Bancorp during the 2nd quarter valued at about $134,610,000. Bank of America Corp DE purchased a new position in shares of Old National Bancorp during the 2nd quarter valued at about $100,301,000. Finally, Fisher Asset Management LLC raised its holdings in shares of Old National Bancorp by 4.1% during the 3rd quarter. Fisher Asset Management LLC now owns 3,791,863 shares of the bank's stock valued at $93,432,000 after buying an additional 147,646 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Jefferies Financial Group restated a "hold" rating and issued a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Citigroup reduced their price target on shares of Old National Bancorp from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, September 22nd. JPMorgan Chase & Co. decreased their price target on shares of Old National Bancorp from $30.00 to $29.00 and set an "overweight" rating on the stock in a research note on Thursday, October 22nd. Wells Fargo & Company lowered their price objective on shares of Old National Bancorp from $30.00 to $29.00 and set an "overweight" rating for the company in a report on Monday, November 9th. Finally, Piper Sandler started coverage on shares of Old National Bancorp in a research note on Thursday, September 17th. They issued an "overweight" rating and a $32.00 price objective for the company. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $29.57.

Old National Bancorp Trading Up 0.4%

Shares of NASDAQ ONB traded up $0.11 during midday trading on Friday, reaching $25.05. The company had a trading volume of 2,088,591 shares, compared to its average volume of 4,503,591. Old National Bancorp has a one year low of $19.60 and a one year high of $27.36. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.85. The firm's fifty day moving average price is $25.13 and its 200-day moving average price is $24.70. The stock has a market cap of $9.48 billion, a PE ratio of 10.22 and a beta of 0.88.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, meeting the consensus estimate of $0.66. The company had revenue of $719.00 million during the quarter, compared to analysts' expectations of $732.04 million. Old National Bancorp had a return on equity of 12.02% and a net margin of 23.36%. During the same period in the prior year, the business posted $0.59 EPS. On average, equities research analysts anticipate that Old National Bancorp will post 2.57 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Saturday, December 5th will be issued a $0.1450 dividend. The ex-dividend date is Friday, December 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. Old National Bancorp's dividend payout ratio (DPR) is currently 23.67%.

Insider Activity

In other news, CFO John Moran sold 19,261 shares of the firm's stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $25.57, for a total value of $492,503.77. Following the transaction, the chief financial officer owned 101,467 shares in the company, valued at approximately $2,594,511.19. This trade represents a 15.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.72% of the company's stock.

Old National Bancorp Company Profile

Old National Bancorp is a regional bank holding company headquartered in Evansville, Indiana. Founded in 1834, it operates primarily through Old National Bank, serving individuals, businesses and organizations across the Midwest. The company offers consumer and commercial banking services, including checking and savings accounts, loans, mortgages, treasury management and digital banking. It also provides wealth management and trust services, as well as solutions for businesses and institutional clients.

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