Invesco Ltd. Cuts Stake in Old National Bancorp (NASDAQ:ONB)

Invesco Ltd. cut its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 23.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 753,866 shares of the bank's stock after selling 228,388 shares during the period. Invesco Ltd. owned about 0.24% of Old National Bancorp worth $16,363,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Old National Bancorp by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank's stock valued at $736,261,000 after buying an additional 290,005 shares during the period. Wellington Management Group LLP lifted its stake in Old National Bancorp by 923.4% in the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock worth $189,374,000 after acquiring an additional 7,872,318 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Old National Bancorp by 4.5% in the fourth quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank's stock worth $163,899,000 after acquiring an additional 326,135 shares during the last quarter. William Blair Investment Management LLC grew its holdings in Old National Bancorp by 172.1% during the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank's stock worth $119,236,000 after acquiring an additional 3,474,578 shares in the last quarter. Finally, Channing Capital Management LLC raised its holdings in shares of Old National Bancorp by 12.4% in the 4th quarter. Channing Capital Management LLC now owns 4,618,462 shares of the bank's stock valued at $100,244,000 after purchasing an additional 509,028 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Stephens reiterated an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a research note on Monday, April 14th. Raymond James lowered their price objective on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 2nd. Royal Bank of Canada cut 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 report on Wednesday. Barclays lowered their price target on 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 cut their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a report on Wednesday. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $25.63.

Old National Bancorp Stock Performance

Shares of ONB traded down $0.01 during mid-day trading on Friday, reaching $20.92. 525,504 shares of the company's stock were exchanged, compared to its average volume of 2,456,141. The business's fifty day simple moving average is $20.97 and its 200-day simple moving average is $21.48. The stock has a market capitalization of $6.68 billion, a PE ratio of 12.45 and a beta of 0.82. Old National Bancorp has a 52-week low of $15.60 and a 52-week high of $24.49. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92.

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, beating analysts' consensus estimates 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. On average, equities research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.68%. Old National Bancorp's payout ratio is 32.56%.

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.