Geode Capital Management LLC Buys 514,315 Shares of Old National Bancorp (NASDAQ:ONB)

Geode Capital Management LLC boosted its stake in shares of Old National Bancorp (NASDAQ:ONB) by 6.6% during the third quarter, Holdings Channel.com reports. The fund owned 8,331,969 shares of the bank’s stock after acquiring an additional 514,315 shares during the period. Geode Capital Management LLC’s holdings in Old National Bancorp were worth $155,502,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ONB. Barclays PLC increased its position in shares of Old National Bancorp by 93.6% in the third quarter. Barclays PLC now owns 839,504 shares of the bank’s stock worth $15,665,000 after purchasing an additional 405,956 shares during the period. Public Employees Retirement System of Ohio grew its stake in Old National Bancorp by 175.1% during the third quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock worth $165,000 after buying an additional 5,632 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in Old National Bancorp in the 3rd quarter valued at about $692,000. iSAM Funds UK Ltd acquired a new position in shares of Old National Bancorp in the 3rd quarter valued at approximately $919,000. Finally, State Street Corp lifted its holdings in shares of Old National Bancorp by 0.3% during the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock worth $275,941,000 after acquiring an additional 42,723 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $22.65 on Tuesday. The stock’s 50-day moving average is $20.96 and its 200-day moving average is $19.14. The stock has a market cap of $7.22 billion, a P/E ratio of 13.73 and a beta of 0.86. Old National Bancorp has a 1-year low of $15.36 and a 1-year high of $23.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. Old National Bancorp’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.51 earnings per share. Equities research analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.47%. Old National Bancorp’s payout ratio is 33.94%.

Wall Street Analysts Forecast Growth

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

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.