Wellington Management Group LLP Sells 11,496 Shares of Old National Bancorp (NASDAQ:ONB)

Wellington Management Group LLP lowered its position in Old National Bancorp (NASDAQ:ONB) by 1.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 852,575 shares of the bank’s stock after selling 11,496 shares during the quarter. Wellington Management Group LLP owned about 0.27% of Old National Bancorp worth $15,909,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC increased its stake in shares of Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in Old National Bancorp in the 2nd quarter worth approximately $28,000. GAMMA Investing LLC grew its stake in Old National Bancorp by 156.8% in the 3rd quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock valued at $73,000 after buying an additional 2,385 shares in the last quarter. Quest Partners LLC bought a new stake in Old National Bancorp during the 3rd quarter valued at $91,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Old National Bancorp during the second quarter worth $103,000. 83.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a report on Tuesday, November 26th. Barclays increased their price target on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. 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 research note on Tuesday, November 26th. Finally, Royal Bank of Canada increased their target price on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.25.

Old National Bancorp Price Performance

ONB stock opened at $22.53 on Friday. The firm has a 50 day simple moving average of $20.87 and a two-hundred day simple moving average of $19.08. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $7.19 billion, a PE ratio of 13.65 and a beta of 0.86. Old National Bancorp has a one year low of $15.36 and a one year high of $23.76.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. During the same quarter in the prior year, the firm earned $0.51 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. On average, analysts predict that Old National Bancorp will post 1.83 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.49%. Old National Bancorp’s dividend payout ratio is 33.94%.

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.