The Manufacturers Life Insurance Company Raises Stock Position in Old National Bancorp (NASDAQ:ONB)

The Manufacturers Life Insurance Company grew its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 155.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,036,909 shares of the bank's stock after purchasing an additional 1,850,249 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.95% of Old National Bancorp worth $65,916,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Lee Danner & Bass Inc. purchased a new position in Old National Bancorp during the 4th quarter worth $25,000. Empowered Funds LLC acquired a new stake in Old National Bancorp in the fourth quarter worth about $28,000. Versant Capital Management Inc grew its stake in shares of Old National Bancorp by 58.4% during the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank's stock worth $36,000 after acquiring an additional 615 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Old National Bancorp by 58.9% during the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock valued at $39,000 after acquiring an additional 663 shares in the last quarter. Finally, Bank of Jackson Hole Trust purchased a new position in shares of Old National Bancorp in the 4th quarter valued at approximately $65,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

ONB stock traded up $0.19 during trading on Monday, hitting $21.43. 364,922 shares of the company traded hands, compared to its average volume of 2,483,335. 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 company has a market cap of $6.85 billion, a PE ratio of 12.77 and a beta of 0.85. The stock's 50-day simple moving average is $20.62 and its 200 day simple moving average is $21.60. Old National Bancorp has a 1 year low of $15.60 and a 1 year high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. The company had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. On average, equities analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were issued a $0.14 dividend. 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 2.61%. Old National Bancorp's payout ratio is 32.56%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ONB shares. Barclays cut their price target on shares of Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. 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, April 23rd. Citigroup lowered their price target on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Stephens reissued an "overweight" rating and issued a $27.00 price objective on shares of Old National Bancorp in a report on Monday, April 14th. Finally, StockNews.com raised Old National Bancorp from a "sell" rating to a "hold" rating in a report on Wednesday, April 23rd. Two equities research 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 company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $25.63.

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.