The Manufacturers Life Insurance Company Has $120.67 Million Stake in Old National Bancorp $ONB

The Manufacturers Life Insurance Company trimmed its holdings in Old National Bancorp (NASDAQ:ONB) by 1.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,460,194 shares of the bank’s stock after selling 72,501 shares during the period. The Manufacturers Life Insurance Company’s holdings in Old National Bancorp were worth $120,670,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Kemnay Advisory Services Inc. acquired a new position in shares of Old National Bancorp during the 4th quarter worth approximately $27,000. Flagship Harbor Advisors LLC acquired a new stake in Old National Bancorp during the 4th quarter valued at $28,000. Los Angeles Capital Management LLC bought a new position in Old National Bancorp during the fourth quarter worth $36,000. Peterson Wealth Services boosted its position in Old National Bancorp by 9,711.8% during the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $37,000 after purchasing an additional 1,651 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Old National Bancorp in the fourth quarter valued at $54,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $26.89 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s fifty day moving average price is $25.26 and its two-hundred day moving average price is $24.09. Old National Bancorp has a one year low of $19.39 and a one year high of $27.32. The firm has a market cap of $10.39 billion, a price-to-earnings ratio of 11.95 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a return on equity of 16.16% and a net margin of 21.60%.The firm had revenue of $726.86 million for the quarter, compared to analysts’ expectations of $716.25 million. During the same quarter last year, the business earned $0.53 EPS. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. On average, equities analysts forecast that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were given a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 25.78%.

Wall Street Analysts Forecast Growth

ONB has been the topic of several research analyst reports. UBS Group assumed coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price objective on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Citigroup upped their price target on shares of Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a research note on Friday. Keefe, Bruyette & Woods increased their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Finally, Raymond James Financial started coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “market perform” rating for the company. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.