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

Old National Bancorp (NASDAQ:ONB)’s share price hit 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 trading hands. The stock had previously closed at $22.38.

Analyst Upgrades and Downgrades

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

Old National Bancorp Price Performance

The stock has a market capitalization of $6.95 billion, a PE ratio of 13.21 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The company’s 50 day simple moving average is $19.23 and its 200 day simple moving average is $18.29.

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

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were issued a dividend of $0.14 per share. The ex-dividend date was Thursday, September 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.57%. Old National Bancorp’s payout ratio is 33.94%.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its position in shares of Old National Bancorp by 18.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 15,240 shares of the bank’s stock worth $265,000 after purchasing an additional 2,366 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Old National Bancorp by 4.7% in the first quarter. Russell Investments Group Ltd. now owns 236,491 shares of the bank’s stock valued at $4,117,000 after acquiring an additional 10,673 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Old National Bancorp by 4.7% in the first quarter. ProShare Advisors LLC now owns 66,963 shares of the bank’s stock valued at $1,166,000 after acquiring an additional 3,027 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in shares of Old National Bancorp by 35.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock valued at $1,969,000 after acquiring an additional 29,400 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its holdings in Old National Bancorp by 1.0% during the first quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock worth $1,656,000 after buying an additional 919 shares in the last quarter. 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.