Old National Bancorp (NASDAQ:ONB) Sets New 1-Year High – Still a Buy?

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

Wall Street Analysts Forecast Growth

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

Old National Bancorp Price Performance

The business’s fifty day simple moving average is $19.11 and its 200-day simple moving average is $18.24. 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 firm has a market cap of $7.09 billion, a P/E ratio of 13.69 and a beta of 0.82.

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

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.52%. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Institutional Trading of Old National Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC boosted its stake in shares of Old National Bancorp by 18.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,240 shares of the bank’s stock valued at $265,000 after purchasing an additional 2,366 shares in the last quarter. SG Americas Securities LLC raised its stake in Old National Bancorp by 830.0% during the first quarter. SG Americas Securities LLC now owns 84,200 shares of the bank’s stock valued at $1,466,000 after buying an additional 75,146 shares during the last quarter. Sei Investments Co. boosted its holdings in Old National Bancorp by 1.7% in the first quarter. Sei Investments Co. now owns 1,212,353 shares of the bank’s stock worth $21,107,000 after acquiring an additional 19,803 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Old National Bancorp by 4.7% during 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. Finally, ProShare Advisors LLC grew its position in Old National Bancorp by 4.7% during the 1st quarter. ProShare Advisors LLC now owns 66,963 shares of the bank’s stock valued at $1,166,000 after purchasing an additional 3,027 shares during the last quarter. Hedge funds and other institutional investors 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.