Old National Bancorp (NASDAQ:ONB) Reaches New 12-Month High – Time to Buy?

Shares of Old National Bancorp (NASDAQ:ONB) hit a new 52-week high during trading on Wednesday . The company traded as high as $20.87 and last traded at $20.85, with a volume of 104625 shares. The stock had previously closed at $19.16.

Wall Street Analysts Forecast Growth

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

Old National Bancorp Price Performance

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The stock has a market cap of $6.86 billion, a P/E ratio of 13.04 and a beta of 0.82. The firm has a 50 day moving average price of $18.96 and a 200 day moving average price of $18.09.

Old National Bancorp (NASDAQ:ONB) last posted 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 during 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%. The company’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 earnings per share. On average, analysts forecast that Old National Bancorp will post 1.84 EPS for the current fiscal 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 given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently modified their holdings of ONB. Wealth Enhancement Advisory Services LLC lifted its position in shares of Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock worth $885,000 after buying an additional 33,615 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of Old National Bancorp by 35.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock worth $1,969,000 after acquiring an additional 29,400 shares in the last quarter. First Eagle Investment Management LLC boosted its position in shares of Old National Bancorp by 27.9% during the 1st quarter. First Eagle Investment Management LLC now owns 446,698 shares of the bank’s stock valued at $7,777,000 after acquiring an additional 97,350 shares during the last quarter. Busey Bank increased its holdings in shares of Old National Bancorp by 41.6% in the 2nd quarter. Busey Bank now owns 38,519 shares of the bank’s stock worth $662,000 after buying an additional 11,316 shares during the last quarter. Finally, Bessemer Group Inc. increased its stake in Old National Bancorp by 7.0% during the first quarter. Bessemer Group Inc. now owns 725,296 shares of the bank’s stock worth $12,626,000 after acquiring an additional 47,350 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

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.