Old National Bancorp (NASDAQ:ONB) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Old National Bancorp (NASDAQ:ONB)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $19.62 and traded as high as $21.52. Old National Bancorp shares last traded at $21.47, with a volume of 2,043,943 shares trading hands.

Analysts Set New Price Targets

ONB has been the subject of a number of analyst reports. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a report on Tuesday, November 26th. Royal Bank of Canada boosted their target price on shares of Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Finally, Barclays raised their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock 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 assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

Old National Bancorp Stock Performance

The stock’s fifty day simple moving average is $21.73 and its two-hundred day simple moving average is $19.65. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 13.01 and a beta of 0.86. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. The firm had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.51 earnings per share. Equities research analysts anticipate that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend was Thursday, December 5th. Old National Bancorp’s payout ratio is currently 33.94%.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently modified their holdings of ONB. Victory Capital Management Inc. raised its holdings in shares of Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after buying an additional 4,303,071 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Old National Bancorp by 12.7% during the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after purchasing an additional 1,896,748 shares during the period. Point72 Asset Management L.P. lifted its position in shares of Old National Bancorp by 6,650.2% during the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after purchasing an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Old National Bancorp by 469.7% in the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock valued at $19,400,000 after purchasing an additional 857,158 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after purchasing an additional 514,315 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

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.