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 holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 24.6% during the first quarter, according to its most recent 13F 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 period. Wedge Capital Management L L P NC's holdings in Old National Bancorp were worth $2,291,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in ONB. Vanguard Group Inc. boosted its holdings in Old National Bancorp by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank's stock worth $736,261,000 after acquiring an additional 290,005 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Old National Bancorp by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank's stock worth $371,294,000 after buying an additional 132,002 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Old National Bancorp by 923.4% in 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 during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Old National Bancorp by 4.5% in the 4th quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank's stock worth $163,899,000 after buying an additional 326,135 shares during the last quarter. Finally, William Blair Investment Management LLC grew its holdings in shares of Old National Bancorp by 172.1% in 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 acquiring an additional 3,474,578 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on ONB shares. National Bankshares set a $24.00 price target on Old National Bancorp in a report on Tuesday, May 20th. Royal Bank of Canada lowered their target price on Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Barclays decreased their price objective 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. Finally, Citigroup dropped their target price on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. 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. Based on data from MarketBeat, Old National Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $25.90.

Old National Bancorp Stock Performance

NASDAQ:ONB traded down $0.21 on Thursday, reaching $20.96. 776,846 shares of the company's stock were exchanged, compared to its average volume of 2,684,415. The firm has a market cap of $6.70 billion, a price-to-earnings ratio of 12.48 and a beta of 0.86. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a fifty day simple moving average of $20.61 and a 200-day simple moving average of $21.77. Old National Bancorp has a 52 week low of $15.60 and a 52 week high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data 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 company had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. As a group, sell-side analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Thursday, June 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Thursday, June 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

Old National Bancorp Company 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.