Wellington Management Group LLP Reduces Stock Position in Old National Bancorp $ONB

Key Points

• Wellington Management Group LLP has decreased its stake in Old National Bancorp by 9.7%, now owning approximately 7.88 million shares valued at $166.97 million as of its latest SEC filing.
• Analysts have given Old National Bancorp an average rating of "Moderate Buy" with a target price of $26.40, reflecting a positive outlook despite some mixed signals in price targets from different brokerages.
• Old National Bancorp recently declared a quarterly dividend of $0.14 per share, which is set to yield 2.6% annually, highlighting the company’s commitment to returning value to its shareholders.

Wellington Management Group LLP lowered its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 9.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 7,879,465 shares of the bank's stock after selling 845,428 shares during the quarter. Wellington Management Group LLP owned about 2.46% of Old National Bancorp worth $166,966,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Summit Securities Group LLC purchased a new position in shares of Old National Bancorp during the 1st quarter valued at about $32,000. Dimensional Fund Advisors LP boosted its holdings in Old National Bancorp by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank's stock worth $366,370,000 after buying an additional 183,850 shares during the last quarter. Sit Investment Associates Inc. boosted its holdings in shares of Old National Bancorp by 17.9% during the 1st quarter. Sit Investment Associates Inc. now owns 57,200 shares of the bank's stock worth $1,212,000 after purchasing an additional 8,675 shares during the last quarter. Boston Partners boosted its holdings in shares of Old National Bancorp by 3.4% during the 1st quarter. Boston Partners now owns 1,878,240 shares of the bank's stock worth $39,441,000 after purchasing an additional 61,686 shares during the last quarter. Finally, HighTower Advisors LLC boosted its holdings in shares of Old National Bancorp by 27.4% during the 1st quarter. HighTower Advisors LLC now owns 21,219 shares of the bank's stock worth $450,000 after purchasing an additional 4,560 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Old National Bancorp Stock Performance

NASDAQ ONB traded up $0.20 during trading hours on Tuesday, hitting $22.76. 3,869,105 shares of the stock were exchanged, compared to its average volume of 2,636,347. The company has a market cap of $8.92 billion, a price-to-earnings ratio of 13.47 and a beta of 0.86. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The stock has a 50-day moving average of $21.72 and a 200 day moving average of $21.41. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. The firm had revenue of $633.41 million during the quarter, compared to analysts' expectations of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. During the same period in the prior year, the company posted $0.46 earnings per share. As a group, equities research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. Old National Bancorp's dividend payout ratio (DPR) is 33.14%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Barclays upped their price objective on Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. National Bankshares set a $24.00 target price on Old National Bancorp in a research report on Tuesday, May 20th. Jefferies Financial Group began coverage on Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective on the stock. Piper Sandler reissued an "overweight" rating and issued a $27.00 target price (up previously from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Finally, Truist Financial increased their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $26.40.

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.