Old National Bancorp (NASDAQ:ONB) Sets New 1-Year High at $18.00

Old National Bancorp (NASDAQ:ONB) hit a new 52-week high on Thursday . The stock traded as high as $18.00 and last traded at $17.92, with a volume of 435965 shares changing hands. The stock had previously closed at $17.46.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ONB. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $20.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 2nd. Hovde Group started coverage on shares of Old National Bancorp in a report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 target price on the stock. Barclays increased their target price on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 target price on shares of Old National Bancorp in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.13.

Old National Bancorp Trading Up 3.6 %

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. The business’s fifty day moving average is $16.82 and its 200 day moving average is $16.63. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 9.44 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The business had revenue of $440.20 million for the quarter, compared to analyst estimates of $440.00 million. During the same period last year, the business posted $0.54 earnings per share. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. Equities analysts predict that Old National Bancorp will post 1.82 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 30.27%.

Insider Activity at Old National Bancorp

In related news, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the transaction, the chief financial officer now owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the transaction, the chief executive officer now owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $16.28, for a total transaction of $803,825.00. Following the completion of the transaction, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. 1.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Parkside Financial Bank & Trust grew its position in shares of Old National Bancorp by 24.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock valued at $55,000 after acquiring an additional 650 shares during the period. Ameritas Investment Partners Inc. lifted its stake in shares of Old National Bancorp by 1.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock worth $1,656,000 after buying an additional 919 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares during the last quarter. Independence Bank of Kentucky lifted its stake in shares of Old National Bancorp by 9.2% during the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock worth $208,000 after buying an additional 1,006 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its stake in shares of Old National Bancorp by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock worth $6,398,000 after buying an additional 1,009 shares during the last quarter. 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.