Old National Bancorp (NASDAQ:ONB) Shares Gap Up Following Strong Earnings

Key Points

• Old National Bancorp's shares gapped up from $20.68 to $21.71 after the company reported better than expected quarterly earnings, with an EPS of $0.46 and a revenue of $222.80 million.
• The bank declared a quarterly dividend of $0.14 per share, yielding 2.7%, with a payout ratio of 33.14%.
• Analysts have a consensus rating of "Moderate Buy" for Old National Bancorp, with target prices ranging from $25.00 to $29.00, reflecting varying levels of optimism about the stock's performance.

Old National Bancorp (NASDAQ:ONB - Get Free Report) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $20.68, but opened at $21.71. Old National Bancorp shares last traded at $20.97, with a volume of 734,334 shares trading hands.

The bank reported $0.46 EPS for the quarter. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The business had revenue of $222.80 million during the quarter.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Friday, September 5th. Old National Bancorp's payout ratio is presently 33.14%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ONB shares. Cowen started coverage on shares of Old National Bancorp in a research note on Wednesday, September 24th. They set a "hold" rating for the company. Barclays set a $29.00 target price on shares of Old National Bancorp and gave the company an "overweight" rating in a research note on Wednesday, October 8th. Truist Financial boosted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Weiss Ratings reissued a "buy (b-)" rating on shares of Old National Bancorp in a research note on Wednesday, October 8th. Finally, TD Cowen started coverage on shares of Old National Bancorp in a research note on Thursday, September 25th. They set a "hold" rating and a $25.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.36.

Institutional Trading of Old National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Summit Securities Group LLC bought a new stake in shares of Old National Bancorp in the 1st quarter worth approximately $32,000. Hantz Financial Services Inc. raised its holdings in shares of Old National Bancorp by 310.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank's stock worth $33,000 after purchasing an additional 1,159 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Old National Bancorp in the 1st quarter worth approximately $51,000. Signaturefd LLC raised its holdings in shares of Old National Bancorp by 22.7% in the 2nd quarter. Signaturefd LLC now owns 3,297 shares of the bank's stock worth $70,000 after purchasing an additional 609 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Old National Bancorp by 794.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank's stock worth $76,000 after purchasing an additional 3,169 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Price Performance

The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The business's fifty day moving average is $21.98 and its 200 day moving average is $21.38. The firm has a market capitalization of $8.24 billion, a P/E ratio of 12.46 and a beta of 0.85.

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.

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