SCHEDULE 13G: FMR LLC and Abigail P. Johnson Disclose Significant 7.9% Stake in Old National Bancorp

FMR LLC and Abigail P. Johnson have filed a Schedule 13G, revealing a 7.9% beneficial ownership stake in Old National Bancorp as of March 31, 2025.

Summary

• FMR LLC and Abigail P. Johnson jointly reported beneficial ownership of 25,325,538.36 shares of Old National Bancorp (IND) common stock.
• This aggregate amount represents 7.9% of the total outstanding common stock of Old National Bancorp.
• The filing was made under Rule 13d-1(b), indicating that FMR LLC is a parent holding company or control person and Abigail P. Johnson is an individual.
• FMR LLC holds sole voting power over 25,261,550.00 shares and sole dispositive power over 25,325,538.36 shares.
• Abigail P. Johnson holds sole dispositive power over 25,325,538.36 shares, with no sole or shared voting power.
• The reporting persons certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• Several FMR LLC subsidiaries, including Fidelity Management & Research Company LLC, are identified as beneficially owning 5% or greater of the outstanding shares.

Sentiment

Score: 7

Explanation: The disclosure of a significant stake by a reputable institutional investor like FMR LLC is generally viewed positively by the market, as it signals confidence in the issuer. The filing itself is routine and does not contain negative information.

Positives

• A major institutional investor, FMR LLC, and its CEO, Abigail P. Johnson, have disclosed a significant 7.9% beneficial ownership in Old National Bancorp, which can be interpreted as a vote of confidence in the company's prospects.
• The filing explicitly states that the shares are held in the ordinary course of business and not for the purpose of changing or influencing control, providing stability regarding the company's governance.

Negatives

• The Schedule 13G filing itself does not contain any negative disclosures regarding Old National Bancorp's operations or financial performance.

Risks

• The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer, mitigating potential control-related risks for current management.

Future Outlook

NA

Industry Context

This filing indicates a significant investment by a major asset manager in the banking sector, suggesting potential confidence in Old National Bancorp's position within the regional banking industry. Such large institutional holdings are common in the financial services sector, reflecting long-term investment strategies.

Comparison to Industry Standards

• The 7.9% stake held by FMR LLC and Abigail P. Johnson is a substantial position for an institutional investor in a regional bank like Old National Bancorp.
• While specific comparable companies or projects are not mentioned in the filing, such a stake is generally considered a significant, non-controlling interest, typical for large asset managers like Fidelity (FMR LLC's parent) investing in established financial institutions.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by a major institutional investor may instill confidence and potentially attract other investors, positively impacting share price stability or appreciation.
• Management: The filing confirms that the stake is held for investment purposes and not for control, providing stability for current management and corporate strategy.

Next Steps

• No specific future actions or milestones for Old National Bancorp are mentioned in this beneficial ownership filing. FMR LLC and Abigail P. Johnson will continue to report their beneficial ownership as required by SEC regulations.

Key Dates

Keywords

Old National Bancorp, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, Financial Services, Banking