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

Key Points

• Old National Bancorp shares hit a new 52-week high of $26.81, with the stock last trading around $26.91 on Thursday.
• Analysts remain mostly positive on the bank, with multiple firms raising price targets and the stock carrying a Moderate Buy consensus rating and a $28.55 average target.
• The company recently beat quarterly EPS estimates and continues to pay a dividend, with a $0.145 per-share payout translating to a 2.1% yield.

Shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $26.81 and last traded at $26.9060, with a volume of 481385 shares. The stock had previously closed at $26.38.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Raymond James Financial began coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a "market perform" rating on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Barclays boosted their target price on Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Stephens upped their price target on Old National Bancorp from $27.00 to $29.00 and gave the company an "overweight" rating in a research report on Thursday, April 23rd. Finally, Truist Financial increased their price target on Old National Bancorp from $27.00 to $28.00 and gave the stock a "buy" rating in a research note on Thursday, April 23rd. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.55.

Old National Bancorp Price Performance

The business's 50 day moving average is $24.76 and its two-hundred day moving average is $23.85. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market capitalization of $10.48 billion, a PE ratio of 13.98 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The firm had revenue of $702.70 million for the quarter, compared to the consensus estimate of $706.62 million. During the same quarter in the prior year, the business posted $0.45 earnings per share. The business's quarterly revenue was up 44.4% on a year-over-year basis. Equities research analysts anticipate that Old National Bancorp will post 2.57 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp's payout ratio is presently 29.90%.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of ONB. Comerica Bank boosted its position in shares of Old National Bancorp by 27.8% during the 4th quarter. Comerica Bank now owns 263,057 shares of the bank's stock valued at $5,869,000 after acquiring an additional 57,152 shares during the last quarter. Algebris UK Ltd. increased its position in shares of Old National Bancorp by 57.9% in the fourth quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank's stock worth $41,160,000 after purchasing an additional 675,873 shares during the last quarter. Ruffer LLP bought a new position in shares of Old National Bancorp in the fourth quarter worth approximately $2,871,000. SG Americas Securities LLC purchased a new stake in Old National Bancorp in the fourth quarter valued at approximately $22,495,000. Finally, Norges Bank purchased a new stake in Old National Bancorp in the fourth quarter valued at approximately $72,661,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

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