NorthCrest Asset Manangement LLC Invests $554,000 in Old National Bancorp (NASDAQ:ONB)

NorthCrest Asset Manangement LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 26,148 shares of the bank's stock, valued at approximately $554,000.

A number of other hedge funds have also recently added to or reduced their stakes in ONB. Wellington Management Group LLP raised 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 worth $189,374,000 after buying an additional 7,872,318 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Old National Bancorp by 10,795.2% during the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock worth $104,096,000 after acquiring an additional 4,751,923 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Old National Bancorp in the 4th quarter worth approximately $78,293,000. Norges Bank purchased a new position in Old National Bancorp in the 4th quarter valued at approximately $76,684,000. Finally, William Blair Investment Management LLC raised its holdings in Old National Bancorp by 172.1% during the fourth 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 during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analyst Weigh In

ONB has been the topic of several research reports. Citigroup lowered their target price on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Royal Bank Of Canada cut their price objective on Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Stephens reissued an "overweight" rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Monday, April 14th. National Bankshares set a $24.00 price objective on Old National Bancorp in a research report on Tuesday, May 20th. Finally, Jefferies Financial Group assumed coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price target for the company. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.90.

Old National Bancorp Trading Up 0.7%

Shares of NASDAQ ONB traded up $0.14 during midday trading on Thursday, hitting $20.46. The stock had a trading volume of 2,361,685 shares, compared to its average volume of 2,710,840. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82. Old National Bancorp has a 1-year low of $16.02 and a 1-year high of $24.49. The company has a market capitalization of $6.54 billion, a price-to-earnings ratio of 11.90 and a beta of 0.86. The company has a fifty day moving average price of $20.80 and a 200 day moving average price of $21.68.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data 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 18.74% and a return on equity of 9.98%. The company had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. On average, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.74%. Old National Bancorp's dividend payout ratio is currently 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.