Old National Bancorp (NASDAQ:ONB) Sets New 1-Year High at $18.00

Old National Bancorp (NASDAQ:ONB) hit a new 52-week high during trading on Thursday . The stock traded as high as $18.00 and last traded at $17.92, with a volume of 435965 shares. The stock had previously closed at $17.46.

Analyst Ratings Changes

ONB has been the topic of several analyst reports. Barclays lifted their target price on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. Hovde Group initiated coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They issued an “outperform” rating and a $20.00 target price on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Finally, StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Sunday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Old National Bancorp Stock Up 3.6 %

The stock’s 50-day moving average price is $16.82 and its two-hundred day moving average price is $16.63. The stock has a market capitalization of $5.77 billion, a PE ratio of 9.44 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The company had revenue of $440.20 million for the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. Old National Bancorp’s revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 EPS. As a group, analysts expect that Old National Bancorp will post 1.82 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s payout ratio is 30.27%.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $16.28, for a total transaction of $803,825.00. Following the transaction, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Chady M. Alahmar sold 17,165 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of the sale, the chief executive officer now owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brendon B. Falconer sold 49,375 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the completion of the sale, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONB. GAMMA Investing LLC increased its holdings in Old National Bancorp by 194.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after acquiring an additional 1,005 shares in the last quarter. Rise Advisors LLC purchased a new stake in Old National Bancorp in the 1st quarter worth approximately $28,000. LRI Investments LLC purchased a new stake in Old National Bancorp in the 1st quarter worth approximately $48,000. Parkside Financial Bank & Trust increased its holdings in Old National Bancorp by 24.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after acquiring an additional 650 shares in the last quarter. Finally, First Financial Corp IN increased its holdings in Old National Bancorp by 176.8% in the 2nd quarter. First Financial Corp IN now owns 6,086 shares of the bank’s stock worth $105,000 after acquiring an additional 3,887 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.