William Blair Investment Management LLC Buys 3,474,578 Shares of Old National Bancorp (NASDAQ:ONB)

William Blair Investment Management LLC boosted its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 172.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 5,493,490 shares of the bank's stock after purchasing an additional 3,474,578 shares during the quarter. William Blair Investment Management LLC owned about 1.72% of Old National Bancorp worth $119,236,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fisher Asset Management LLC grew its holdings in shares of Old National Bancorp by 2.9% during the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank's stock valued at $59,453,000 after buying an additional 90,747 shares during the last quarter. Citigroup Inc. increased its holdings in shares of Old National Bancorp by 12.1% in the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank's stock worth $9,051,000 after purchasing an additional 52,430 shares in the last quarter. LMR Partners LLP purchased a new position in shares of Old National Bancorp in the third quarter worth $452,000. JPMorgan Chase & Co. raised its stake in shares of Old National Bancorp by 13.5% in the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank's stock worth $65,275,000 after purchasing an additional 416,647 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of Old National Bancorp during the fourth quarter valued at $209,000. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ONB has been the subject of several research analyst reports. Royal Bank of Canada reiterated a "sector perform" rating and issued a $26.00 price objective (up from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods boosted their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an "outperform" rating in a report on Tuesday, November 26th. Piper Sandler restated an "overweight" rating and issued a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Stephens reiterated an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays raised their price target on Old National Bancorp from $26.00 to $27.00 and gave the stock an "overweight" rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $26.29.

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Old National Bancorp Stock Performance

ONB traded down $0.17 during midday trading on Friday, reaching $21.20. The company had a trading volume of 7,574,936 shares, compared to its average volume of 2,309,776. The business has a 50-day moving average of $22.83 and a two-hundred day moving average of $21.27. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84. Old National Bancorp has a 1 year low of $15.38 and a 1 year high of $24.49. The company has a market cap of $6.76 billion, a P/E ratio of 12.62 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same period last year, the business posted $0.46 earnings per share. As a group, equities research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp's dividend payout ratio (DPR) is 33.33%.

Old National Bancorp 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.