Wedge Capital Management L L P NC Purchases 21,350 Shares of Old National Bancorp (NASDAQ:ONB)

Wedge Capital Management L L P NC increased its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 24.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 108,126 shares of the bank's stock after acquiring an additional 21,350 shares during the quarter. Wedge Capital Management L L P NC's holdings in Old National Bancorp were worth $2,291,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lee Danner & Bass Inc. bought a new position in Old National Bancorp during the 4th quarter worth approximately $25,000. Empowered Funds LLC acquired a new position in shares of Old National Bancorp in the fourth quarter valued at approximately $28,000. Bank of Jackson Hole Trust acquired a new position in shares of Old National Bancorp in the fourth quarter valued at approximately $65,000. Allworth Financial LP boosted its holdings in shares of Old National Bancorp by 150.5% in the fourth quarter. Allworth Financial LP now owns 3,507 shares of the bank's stock valued at $82,000 after buying an additional 2,107 shares during the period. Finally, UMB Bank n.a. boosted its holdings in shares of Old National Bancorp by 122.3% in the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after buying an additional 2,187 shares during the period. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Stock Down 2.6%

ONB traded down $0.54 during trading hours on Friday, hitting $20.42. 2,584,985 shares of the company's stock were exchanged, compared to its average volume of 2,698,884. Old National Bancorp has a 1-year low of $15.60 and a 1-year high of $24.49. The stock's 50-day moving average is $20.72 and its two-hundred day moving average is $21.73. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 12.15 and a beta of 0.86. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate 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 business had revenue of $486.87 million during the quarter, compared to analysts' expectations of $478.37 million. Sell-side analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared 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. This represents a $0.56 annualized dividend and a yield of 2.74%. The ex-dividend date is Thursday, June 5th. Old National Bancorp's dividend payout ratio (DPR) is currently 32.56%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Stephens reiterated an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Royal Bank of Canada reduced their price target on shares of Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Wall Street Zen upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a report on Wednesday, April 23rd. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. Finally, Barclays reduced their price target on shares of Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Three equities 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 data from MarketBeat, Old National Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.90.

About Old National Bancorp

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.