William Blair Investment Management LLC Invests $99.28 Million in Old National Bancorp $ONB

Key Points

• William Blair Investment Management acquired 3.83 million Old National Bancorp shares worth approximately $99.3 million, representing about 1% of the company. Institutional investors collectively own 83.66% of ONB, with BlackRock also establishing a major new position.
• Old National Bancorp reported quarterly EPS of $0.65, exceeding estimates of $0.63, while revenue rose 13.2% year over year to $726.9 million. The bank declared a quarterly dividend of $0.145, equivalent to a 2.2% annualized yield.
• Analysts maintain a generally positive outlook, with nine Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $29.36, above the cited $25.81 share price.

William Blair Investment Management LLC acquired a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,833,314 shares of the bank's stock, valued at approximately $99,283,000. William Blair Investment Management LLC owned approximately 1.00% of Old National Bancorp at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ONB. BlackRock Inc. purchased a new stake in Old National Bancorp during the 2nd quarter worth about $1,215,819,000. Bank of New York Mellon Corp purchased a new position in shares of Old National Bancorp in the 2nd quarter valued at about $90,226,000. Norges Bank purchased a new position in shares of Old National Bancorp in the 4th quarter valued at about $72,661,000. Pzena Investment Management LLC purchased a new position in Old National Bancorp in the second quarter worth approximately $73,647,000. Finally, Morgan Stanley lifted its stake in Old National Bancorp by 69.8% in the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank's stock worth $151,189,000 after acquiring an additional 2,785,474 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $25.81 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. The company has a market cap of $9.87 billion, a P/E ratio of 11.47 and a beta of 0.84. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36. The firm's 50 day moving average is $26.21 and its two-hundred day moving average is $24.48.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The company had revenue of $726.86 million during the quarter, compared to analysts' expectations of $716.25 million. During the same period in the previous year, the company earned $0.53 EPS. The business's quarterly revenue was up 13.2% compared to the same quarter last year. Analysts expect that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be given a $0.145 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. Old National Bancorp's dividend payout ratio is presently 25.78%.

Insiders Place Their Bets

In other news, insider Nicholas J. Chulos sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the transaction, the insider owned 53,544 shares of the company's stock, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total transaction of $310,872.11. Following the transaction, the chief executive officer owned 63,531 shares in the company, valued at $1,677,853.71. The trade was a 15.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Barclays boosted their price target on Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Jefferies Financial Group reiterated a "hold" rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Raymond James Financial started coverage on Old National Bancorp in a report on Tuesday, July 7th. They issued a "market perform" rating on the stock. TD Cowen upped their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $29.36.

Old National Bancorp Company 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.

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