Bank of New York Mellon Corp Has $73.68 Million Stock Position in Old National Bancorp (NASDAQ:ONB)

Bank of New York Mellon Corp increased its position in shares of Old National Bancorp (NASDAQ:ONB) by 11.6% during the 4th quarter, HoldingsChannel reports. The fund owned 3,394,365 shares of the bank’s stock after purchasing an additional 352,116 shares during the quarter. Bank of New York Mellon Corp’s holdings in Old National Bancorp were worth $73,675,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC bought a new position in Old National Bancorp in the fourth quarter valued at approximately $28,000. International Assets Investment Management LLC raised its position in shares of Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,325 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Old National Bancorp by 58.4% in the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after purchasing an additional 615 shares during the period. UMB Bank n.a. boosted its position in shares of Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after purchasing an additional 663 shares during the last quarter. Finally, Bank of Jackson Hole Trust bought a new position in shares of Old National Bancorp in the 4th quarter worth $65,000. Institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

ONB has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their target price on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Barclays lifted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Stephens reaffirmed an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Raymond James reissued a “strong-buy” rating and set a $29.00 price target (up from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.29.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.52 on Tuesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market cap of $7.50 billion, a price-to-earnings ratio of 14.00 and a beta of 0.88. The business has a 50 day simple moving average of $22.93 and a 200 day simple moving average of $21.12. Old National Bancorp has a 52-week low of $15.38 and a 52-week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data 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 quarter in the prior year, the business earned $0.46 earnings per share. Analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Wednesday, March 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.33%.

Old National Bancorp Company 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.