Old National Bancorp (NASDAQ:ONB) Hits New 12-Month High Following Strong Earnings

Old National Bancorp (NASDAQ:ONB) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $24.17 and last traded at $23.66, with a volume of 4848521 shares traded. The stock had previously closed at $22.93.

The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.28% and a net margin of 18.24%. During the same quarter in the prior year, the company posted $0.46 earnings per share.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were paid a $0.14 dividend. The ex-dividend date was Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.45%. Old National Bancorp’s payout ratio is 33.33%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Barclays boosted their price target on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. 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 research note on Tuesday, November 26th. Raymond James restated a “strong-buy” rating and set a $29.00 price target (up previously from $28.00) on shares of Old National Bancorp in a research note on Wednesday. Finally, Stephens restated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.38.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in ONB. International Assets Investment Management LLC grew its stake in shares of Old National Bancorp by 1,766.7% in the 3rd 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 during the last quarter. Versant Capital Management Inc raised its holdings in Old National Bancorp by 58.4% during the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after purchasing an additional 615 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after acquiring an additional 663 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Old National Bancorp by 156.8% in the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after acquiring an additional 2,385 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Old National Bancorp in the third quarter worth $91,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

The company has a market capitalization of $7.29 billion, a price-to-earnings ratio of 13.61 and a beta of 0.87. The stock has a fifty day moving average price of $22.15 and a two-hundred day moving average price of $20.15. 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.