Old National Bancorp (NASDAQ:ONB) Stock Price Up 5.3% on Earnings Beat

Shares of Old National Bancorp (NASDAQ:ONB) were up 5.3% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $24.03 and last traded at $24.13. Approximately 330,377 shares traded hands during trading, a decline of 91% from the average daily volume of 3,592,972 shares. The stock had previously closed at $22.93.

The bank reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. During the same period in the previous year, the firm posted $0.46 earnings per share.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s payout ratio is currently 33.94%.

Analyst Ratings Changes

ONB has been the subject of several analyst reports. Barclays raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their target price on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Piper Sandler restated an “overweight” rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Finally, Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.38.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC increased its stake in Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,325 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Old National Bancorp by 58.4% in the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after buying an additional 615 shares during the period. UMB Bank n.a. increased its position in Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after buying an additional 663 shares in the last quarter. GAMMA Investing LLC raised its stake in Old National Bancorp by 156.8% during the 3rd quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after buying an additional 2,385 shares during the period. Finally, Quest Partners LLC bought a new position in Old National Bancorp in the third quarter worth approximately $91,000. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Up 4.7 %

The stock has a market cap of $7.66 billion, a price-to-earnings ratio of 14.61 and a beta of 0.87. The stock has a 50 day simple moving average of $22.08 and a 200 day simple moving average of $20.06. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83.

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.