Verition Fund Management LLC Acquires 1,635,223 Shares of Old National Bancorp $ONB

Key Points

• Verition Fund Management boosted its Old National Bancorp stake by 51.8% in the fourth quarter, buying 1,635,223 additional shares and bringing its total to 4,791,967 shares valued at about $106.9 million.
• Institutional ownership remains heavy in ONB, with 83.66% of the stock held by institutions; several large firms, including Vanguard, Dimensional, State Street, Geode, and First Trust, also increased their positions.
• Old National Bancorp’s recent results and outlook were solid, as the bank beat EPS estimates for the quarter and announced a quarterly dividend of $0.145 per share, yielding about 2.3% annually.

Verition Fund Management LLC lifted its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 51.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,791,967 shares of the bank's stock after acquiring an additional 1,635,223 shares during the period. Old National Bancorp makes up approximately 0.4% of Verition Fund Management LLC's investment portfolio, making the stock its 11th largest position. Verition Fund Management LLC owned about 1.23% of Old National Bancorp worth $106,909,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Old National Bancorp by 10.1% during the third quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank's stock worth $808,047,000 after purchasing an additional 3,379,577 shares during the period. Dimensional Fund Advisors LP increased its stake in Old National Bancorp by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 17,572,298 shares of the bank's stock worth $392,046,000 after acquiring an additional 67,362 shares during the period. State Street Corp increased its stake in Old National Bancorp by 5.6% during the 3rd quarter. State Street Corp now owns 16,665,897 shares of the bank's stock worth $365,816,000 after acquiring an additional 890,309 shares during the period. Geode Capital Management LLC raised its holdings in Old National Bancorp by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank's stock valued at $215,958,000 after acquiring an additional 91,341 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Old National Bancorp by 37.5% in the 4th quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank's stock valued at $160,381,000 after acquiring an additional 1,961,525 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ONB. Stephens increased their target price on Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, April 23rd. Citigroup boosted their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research note on Tuesday, February 24th. Jefferies Financial Group increased their price objective on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a "hold" rating in a research note on Wednesday, April 22nd. Keefe, Bruyette & Woods raised their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Finally, Barclays boosted their target price on shares of Old National Bancorp from $29.00 to $30.00 and gave the company an "overweight" rating in a research report on Tuesday, April 7th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $27.91.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $25.14 on Monday. The company has a market cap of $9.71 billion, a price-to-earnings ratio of 12.96 and a beta of 0.84. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $26.17. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. The business's fifty day moving average is $23.74 and its 200 day moving average is $23.34.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The firm had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. During the same period last year, the company earned $0.45 earnings per share. The business's quarterly revenue was up 44.4% on a year-over-year basis. As a group, sell-side analysts expect that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, June 5th. Old National Bancorp's payout ratio is presently 29.90%.

Old National Bancorp Profile

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

Want to see what other hedge funds are holding ONB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old National Bancorp (NASDAQ:ONB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.