UMB Bank n.a. Boosts Holdings in Old National Bancorp (NASDAQ:ONB)

UMB Bank n.a. lifted its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 122.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,975 shares of the bank’s stock after purchasing an additional 2,187 shares during the quarter. UMB Bank n.a.’s holdings in Old National Bancorp were worth $84,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the stock. Wellington Management Group LLP grew its stake in Old National Bancorp by 923.4% during the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after purchasing an additional 7,872,318 shares in the last quarter. Millennium Management LLC boosted its stake in Old National Bancorp by 10,795.2% in the fourth quarter. Millennium Management LLC now owns 4,795,942 shares of the bank’s stock valued at $104,096,000 after acquiring an additional 4,751,923 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Old National Bancorp in the fourth quarter valued at approximately $78,293,000. Norges Bank acquired a new position in Old National Bancorp in the fourth quarter valued at $76,684,000. Finally, William Blair Investment Management LLC increased its stake in 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 purchasing an additional 3,474,578 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. Barclays cut their target price on shares of Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Jefferies Financial Group assumed coverage on Old National Bancorp in a research note on Wednesday, May 21st. They issued a “hold” rating and a $24.00 target price for the company. Royal Bank of Canada dropped their price target on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Finally, Wall Street Zen raised Old National Bancorp from a “sell” rating to a “hold” rating in a research report 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.90.

Old National Bancorp Stock Down 2.6%

Shares of NASDAQ ONB opened at $20.42 on Friday. Old National Bancorp has a 1 year low of $15.60 and a 1 year high of $24.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market cap of $6.53 billion, a price-to-earnings ratio of 12.15 and a beta of 0.86. The stock’s 50-day simple moving average is $20.72 and its 200-day simple moving average is $21.73.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. The business had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. As a group, equities analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be issued a $0.14 dividend. The ex-dividend date is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.74%. Old National Bancorp’s dividend payout ratio (DPR) is presently 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.