Norges Bank Makes New Investment in Old National Bancorp (NASDAQ:ONB)

Norges Bank purchased a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,533,024 shares of the bank's stock, valued at approximately $76,684,000. Norges Bank owned 1.11% of Old National Bancorp as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Old National Bancorp by 12.3% in the 4th quarter. JPMorgan Chase & Co. now owns 3,927,078 shares of the bank's stock valued at $85,237,000 after buying an additional 428,970 shares during the period. Ausdal Financial Partners Inc. boosted its holdings in Old National Bancorp by 7.7% in the fourth quarter. Ausdal Financial Partners Inc. now owns 30,928 shares of the bank's stock worth $671,000 after acquiring an additional 2,201 shares in the last quarter. Advantage Alpha Capital Partners LP grew its stake in Old National Bancorp by 12.7% in the fourth quarter. Advantage Alpha Capital Partners LP now owns 29,064 shares of the bank's stock valued at $631,000 after acquiring an additional 3,269 shares during the period. Emerald Advisers LLC bought a new stake in shares of Old National Bancorp during the fourth quarter valued at approximately $104,000. Finally, Vanguard Group Inc. raised its position in shares of Old National Bancorp by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank's stock worth $736,261,000 after purchasing an additional 290,005 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ONB. Royal Bank of Canada restated a "sector perform" rating and set a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Barclays lifted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, December 20th. Raymond James cut their price target on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 2nd. Finally, Stephens reissued an "overweight" rating and issued a $27.00 price objective on shares of Old National Bancorp in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $26.00.

Old National Bancorp Stock Performance

Shares of ONB stock traded up $0.17 during trading on Monday, hitting $18.14. The company's stock had a trading volume of 3,624,886 shares, compared to its average volume of 2,359,144. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The company has a market cap of $5.79 billion, a PE ratio of 10.80 and a beta of 0.82. The business has a fifty day moving average of $22.34 and a 200-day moving average of $21.44. Old National Bancorp has a 52 week low of $15.38 and a 52 week high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same period in the prior year, the firm posted $0.46 earnings per share. As a group, research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were issued 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 3.09%. Old National Bancorp's dividend payout ratio (DPR) is presently 33.33%.

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.