Old National Bancorp (NASDAQ:ONB) Position Cut by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC trimmed its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 62.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 19,643 shares of the bank's stock after selling 32,242 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Old National Bancorp were worth $426,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Old National Bancorp by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank's stock valued at $736,261,000 after buying an additional 290,005 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank's stock valued at $371,294,000 after purchasing an additional 132,002 shares during the period. Wellington Management Group LLP increased its holdings in shares of Old National Bancorp by 923.4% during the fourth 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 during the period. Victory Capital Management Inc. increased its holdings in shares of Old National Bancorp by 4.5% during the fourth quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank's stock valued at $163,899,000 after purchasing an additional 326,135 shares during the period. Finally, William Blair Investment Management LLC increased its holdings in shares of 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 valued at $119,236,000 after purchasing an additional 3,474,578 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ONB has been the topic of a number of research analyst reports. Citigroup lowered their price target 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. Jefferies Financial Group started coverage on Old National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target on the stock. Stephens reissued an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Monday, April 14th. Raymond James dropped their price target on 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. Finally, Barclays dropped their price target on Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $25.90.

Old National Bancorp Trading Down 2.6%

Shares of NASDAQ ONB opened at $20.42 on Friday. Old National Bancorp has a one year low of $15.60 and a one year high of $24.49. The firm has a market capitalization of $6.53 billion, a PE ratio of 12.15 and a beta of 0.86. 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 business has a 50-day moving average price of $20.72 and a two-hundred day moving average price of $21.73.

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, topping 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 during the quarter, compared to analyst estimates of $478.37 million. As a group, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.74%. Old National Bancorp's payout ratio is presently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.