Old National Bancorp (NASDAQ:ONB) Reaches New 52-Week High – Still a Buy?

Old National Bancorp (NASDAQ:ONB)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $22.75 and last traded at $22.61, with a volume of 405928 shares. The stock had previously closed at $22.38.

Analyst Ratings Changes

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

Old National Bancorp Stock Performance

The stock has a market cap of $6.95 billion, a price-to-earnings ratio of 13.21 and a beta of 0.82. The stock’s fifty day moving average is $19.23 and its 200-day moving average is $18.29. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83.

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

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, September 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp’s dividend payout ratio is presently 33.94%.

Institutional Trading of Old National Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. raised its position in Old National Bancorp by 46.7% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 8,804 shares of the bank’s stock worth $164,000 after acquiring an additional 2,804 shares in the last quarter. Captrust Financial Advisors grew its stake in shares of Old National Bancorp by 315.5% in the third quarter. Captrust Financial Advisors now owns 98,834 shares of the bank’s stock valued at $1,844,000 after acquiring an additional 75,046 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Old National Bancorp by 3.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,147 shares of the bank’s stock valued at $1,272,000 after acquiring an additional 2,359 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Old National Bancorp by 96.8% during the third quarter. BNP Paribas Financial Markets now owns 171,324 shares of the bank’s stock worth $3,197,000 after buying an additional 84,273 shares in the last quarter. Finally, FMR LLC grew its stake in Old National Bancorp by 11.0% during the third quarter. FMR LLC now owns 654,071 shares of the bank’s stock worth $12,205,000 after buying an additional 64,735 shares in the last quarter. 83.66% of the stock is owned by 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.