Old National Bancorp (NASDAQ:ONB) Sets New 12-Month High – Here’s Why

Shares of Old National Bancorp (NASDAQ:ONB) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $22.75 and last traded at $22.61, with a volume of 405928 shares traded. The stock had previously closed at $22.38.

Analyst Ratings Changes

Several research analysts have issued reports on ONB shares. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Barclays boosted their price objective on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Finally, Royal Bank of Canada boosted their price objective on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.43.

Old National Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $7.09 billion, a PE ratio of 13.69 and a beta of 0.82. The business has a fifty day simple moving average of $19.11 and a two-hundred day simple moving average of $18.24.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.51 earnings per share. Research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.52%. Old National Bancorp’s payout ratio is presently 33.94%.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,325 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Old National Bancorp in the 2nd quarter worth $28,000. LRI Investments LLC purchased a new position in Old National Bancorp during the first quarter worth about $48,000. Finally, Quest Partners LLC acquired a new position in Old National Bancorp in the 3rd quarter valued at about $91,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.