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

Shares of Old National Bancorp (NASDAQ:ONB) hit a new 52-week high during trading on Monday . The company traded as high as $23.76 and last traded at $23.07, with a volume of 1667954 shares trading hands. The stock had previously closed at $21.65.

Analysts Set New Price Targets

Several research analysts recently weighed in on ONB shares. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Barclays lifted their price target 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. One investment 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. According to data from MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and an average target price of $20.43.

Old National Bancorp Price Performance

The stock has a market cap of $7.35 billion, a price-to-earnings ratio of 14.27 and a beta of 0.82. The company has a 50 day simple moving average of $19.55 and a 200-day simple moving average of $18.48. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83.

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

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s payout ratio is 33.94%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC boosted its holdings in shares of Old National Bancorp by 31.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank’s stock valued at $590,000 after buying an additional 7,489 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Old National Bancorp in the third quarter valued at $124,000. Geode Capital Management LLC grew its position in shares of Old National Bancorp by 6.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after acquiring an additional 514,315 shares during the period. Barclays PLC increased its stake in shares of Old National Bancorp by 93.6% during the 3rd quarter. Barclays PLC now owns 839,504 shares of the bank’s stock worth $15,665,000 after purchasing an additional 405,956 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of Old National Bancorp by 175.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock valued at $165,000 after purchasing an additional 5,632 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.