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

Old National Bancorp (NASDAQ:ONB)’s share price hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $24.17 and last traded at $23.66, with a volume of 4848521 shares. The stock had previously closed at $22.93.

The bank reported $0.49 EPS for the quarter, topping the consensus estimate 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 period in the previous year, the business earned $0.46 EPS.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were given a $0.14 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.45%. Old National Bancorp’s dividend payout ratio is presently 33.33%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Raymond James reaffirmed a “strong-buy” rating and issued a $29.00 price target (up from $28.00) on shares of Old National Bancorp in a research note on Wednesday. Piper Sandler restated an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods upped their price target on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Finally, Barclays increased their price target on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.38.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of ONB. International Assets Investment Management LLC grew 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 boosted its stake in shares of Old National Bancorp by 58.4% during the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after acquiring an additional 615 shares during the period. UMB Bank n.a. boosted its stake in shares of Old National Bancorp by 58.9% during the 4th 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 period. GAMMA Investing LLC boosted its stake in shares of 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 acquiring an additional 2,385 shares during the period. Finally, Quest Partners LLC bought a new position in shares of Old National Bancorp during the 3rd quarter worth approximately $91,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Price Performance

The company has a 50 day moving average of $22.15 and a 200-day moving average of $20.15. The firm has a market capitalization of $7.29 billion, a P/E ratio of 13.61 and a beta of 0.87. The company has a current ratio of 0.92, a quick 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.