Balyasny Asset Management L.P. Acquires New Holdings in Old National Bancorp (NASDAQ:ONB)

Balyasny Asset Management L.P. bought a new stake in Old National Bancorp (NASDAQ:ONB) during the fourth quarter, Holdings Channel.com reports. The firm bought 228,841 shares of the bank’s stock, valued at approximately $4,967,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Wellington Management Group LLP grew its position in Old National Bancorp by 923.4% during the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after acquiring an additional 7,872,318 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Old National Bancorp in the fourth quarter valued at approximately $78,293,000. Norges Bank bought a new position in Old National Bancorp in the 4th quarter valued at approximately $76,684,000. William Blair Investment Management LLC boosted its position in Old National Bancorp by 172.1% during the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock worth $119,236,000 after buying an additional 3,474,578 shares during the period. Finally, ExodusPoint Capital Management LP bought a new stake in Old National Bancorp during the 4th quarter worth approximately $42,316,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Down 0.7 %

Old National Bancorp stock opened at $21.40 on Friday. The company has a market capitalization of $6.84 billion, a PE ratio of 12.74 and a beta of 0.85. Old National Bancorp has a 12-month low of $15.60 and a 12-month high of $24.49. The firm’s fifty day moving average is $20.42 and its 200 day moving average is $21.66. 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 (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. The firm had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. As a group, sell-side analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders 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 dividend yield of 2.62%. Old National Bancorp’s dividend payout ratio is 32.56%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ONB. Barclays lowered their target price on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Stephens restated an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a research report on Monday, April 14th. Royal Bank of Canada reduced their target price on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Raymond James lowered their price target on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a report on Wednesday, April 2nd. Finally, Citigroup reduced their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $25.63.

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.