William Blair Investment Management LLC Takes $99.28 Million Position in Old National Bancorp $ONB

William Blair Investment Management LLC purchased a new stake in shares of Old National Bancorp (NASDAQ:ONB) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,833,314 shares of the bank’s stock, valued at approximately $99,283,000.

Several other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Old National Bancorp in the second quarter worth $1,215,819,000. Dimensional Fund Advisors LP raised its holdings in shares of Old National Bancorp by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock worth $395,193,000 after purchasing an additional 310,352 shares during the period. State Street Corp raised its holdings in shares of Old National Bancorp by 5.6% during the third quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock worth $365,816,000 after purchasing an additional 890,309 shares during the period. Geode Capital Management LLC lifted its position in shares of Old National Bancorp by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock worth $215,958,000 after buying an additional 91,341 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Old National Bancorp by 37.5% in the 4th quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock worth $160,381,000 after buying an additional 1,961,525 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Performance

Shares of ONB opened at $25.81 on Friday. The firm has a fifty day moving average of $26.21 and a 200-day moving average of $24.48. The company has a market cap of $9.87 billion, a price-to-earnings ratio of 11.47 and a beta of 0.84. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The business had revenue of $726.86 million for the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.53 EPS. As a group, equities analysts anticipate that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th will be given a $0.145 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.58 annualized dividend and a yield of 2.2%. Old National Bancorp’s dividend payout ratio is 25.78%.

Insider Activity at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the sale, the chief executive officer owned 63,531 shares in the company, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the sale, the insider directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ONB has been the subject of several research reports. Raymond James Financial assumed coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They issued a “market perform” rating for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. UBS Group began coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a “buy” rating and a $32.00 target price for the company. Citigroup upped their target price on Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a report on Friday, July 24th. Finally, Barclays increased their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.