Old National Bancorp (NASDAQ:ONB) Hits New 12-Month High – Here’s What Happened

Shares of Old National Bancorp (NASDAQ:ONB) reached a new 52-week high during trading on Monday . The company traded as high as $23.76 and last traded at $23.07, with a volume of 1667954 shares trading hands. The stock had previously closed at $21.65.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ONB shares. Royal Bank of Canada upped their price objective on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Barclays upped their price target on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday. Piper Sandler reissued an “overweight” rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research note on Tuesday. Finally, Keefe, Bruyette & Woods lifted their price target on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Trading Up 0.9 %

The business’s 50 day simple moving average is $19.63 and its two-hundred day simple moving average is $18.52. The stock has a market cap of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83.

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

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its stake in shares of Old National Bancorp by 147.3% during the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after acquiring an additional 4,303,071 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Old National Bancorp by 12.7% in 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. increased its holdings in Old National Bancorp by 6,650.2% in the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after purchasing an additional 1,256,892 shares during the period. New York State Common Retirement Fund raised its position in Old National Bancorp by 469.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after purchasing an additional 857,158 shares during the last quarter. Finally, Geode Capital Management LLC lifted 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 worth $155,502,000 after buying an additional 514,315 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.