Old National Bancorp (NASDAQ:ONB) Sets New 1-Year High – Here’s Why

Old National Bancorp (NASDAQ:ONB)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $24.25 and last traded at $24.10, with a volume of 55771 shares traded. The stock had previously closed at $24.15.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Stephens reaffirmed an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a research note on Wednesday, January 22nd. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Raymond James reiterated a “strong-buy” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Piper Sandler restated an “overweight” rating and issued a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Finally, Barclays upped their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.29.

Old National Bancorp Stock Performance

The business has a 50-day simple moving average of $22.48 and a 200 day simple moving average of $20.49. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market cap of $7.77 billion, a PE ratio of 14.51 and a beta of 0.88.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating 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 14.32%. During the same quarter in the prior year, the business posted $0.46 EPS. Equities research analysts forecast that Old National Bancorp will post 2.05 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 33.33%.

Institutional Trading of Old National Bancorp

Several hedge funds have recently bought and sold shares of ONB. Charles Schwab Investment Management Inc. grew its holdings in shares of Old National Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,677,013 shares of the bank’s stock valued at $79,810,000 after purchasing an additional 47,149 shares in the last quarter. Fisher Asset Management LLC lifted its position in Old National Bancorp by 28.7% during the fourth quarter. Fisher Asset Management LLC now owns 4,100,349 shares of the bank’s stock valued at $88,998,000 after purchasing an additional 914,217 shares during the last quarter. Kovack Advisors Inc. purchased a new position in shares of Old National Bancorp in the 4th quarter worth $289,000. Bank of New York Mellon Corp increased its holdings in shares of Old National Bancorp by 11.6% in the 4th quarter. Bank of New York Mellon Corp now owns 3,394,365 shares of the bank’s stock worth $73,675,000 after buying an additional 352,116 shares during the last quarter. Finally, Sigma Planning Corp purchased a new stake in shares of Old National Bancorp during the 4th quarter valued at about $315,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.