Norges Bank Buys Shares of 3,533,024 Old National Bancorp (NASDAQ:ONB)

Norges Bank purchased a new position in Old National Bancorp (NASDAQ:ONB) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,533,024 shares of the bank’s stock, valued at approximately $76,684,000.

Several other large investors have also recently added to or reduced their stakes in ONB. Cerity Partners LLC grew its holdings in shares of Old National Bancorp by 51.9% during the third quarter. Cerity Partners LLC now owns 65,952 shares of the bank’s stock valued at $1,231,000 after purchasing an additional 22,533 shares during the last quarter. FMR LLC boosted its holdings in shares of Old National Bancorp by 11.0% during the third quarter. FMR LLC now owns 654,071 shares of the bank’s stock valued at $12,205,000 after acquiring an additional 64,735 shares during the period. BNP Paribas Financial Markets grew its position in shares of Old National Bancorp by 96.8% during the third quarter. BNP Paribas Financial Markets now owns 171,324 shares of the bank’s stock worth $3,197,000 after acquiring an additional 84,273 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Old National Bancorp by 3.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,147 shares of the bank’s stock worth $1,272,000 after acquiring an additional 2,359 shares during the period. Finally, Captrust Financial Advisors lifted its position in Old National Bancorp by 315.5% in the 3rd quarter. Captrust Financial Advisors now owns 98,834 shares of the bank’s stock valued at $1,844,000 after purchasing an additional 75,046 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ONB has been the topic of several analyst reports. Stephens restated an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Raymond James decreased their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research report on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and set a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Finally, Barclays upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.00.

Old National Bancorp Stock Up 1.6 %

ONB stock opened at $21.35 on Thursday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market cap of $6.81 billion, a PE ratio of 12.71 and a beta of 0.85. Old National Bancorp has a 12 month low of $15.38 and a 12 month high of $24.49. The firm has a 50 day simple moving average of $22.63 and a 200 day simple moving average of $21.44.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping the consensus estimate 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 quarter last year, the firm posted $0.46 earnings per share. Equities research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.14 per share. The ex-dividend date was Wednesday, March 5th. This represents a $0.56 annualized dividend and a yield of 2.62%. Old National Bancorp’s payout ratio 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.