Old National Bancorp (NASDAQ:ONB) Stock Price Breaks Below 50-Day Moving Average - What's Next?

Key Points

• Old National Bancorp shares fell below their 50-day moving average, trading as low as $24.86 versus the $25.22 average, before closing at $25.09.
• Analysts remain broadly optimistic, with 12 Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $29.64.
• The bank met quarterly EPS expectations at $0.66, reported $720.39 million in revenue, and maintains a quarterly dividend of $0.145 per share, or a 2.3% annualized yield.

Old National Bancorp (NASDAQ:ONB - Get Free Report) shares crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $25.22 and traded as low as $24.86. Old National Bancorp shares last traded at $25.09, with a volume of 3,916,438 shares traded.

Analysts Set New Price Targets

ONB has been the topic of a number of research reports. Citigroup cut their target price on shares of Old National Bancorp from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, September 22nd. Barclays lifted their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. TD Cowen decreased their price target on shares of Old National Bancorp from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Thursday, October 22nd. Truist Financial upped their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Finally, Piper Sandler started coverage on Old National Bancorp in a report on Thursday, September 17th. They issued an "overweight" rating and a $32.00 price target for the company. Twelve investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $29.64.

Old National Bancorp Stock Down 0.6%

The firm has a 50-day moving average of $25.22 and a 200 day moving average of $24.61. The stock has a market capitalization of $9.60 billion, a price-to-earnings ratio of 10.24 and a beta of 0.86. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, hitting analysts' consensus estimates of $0.66. Old National Bancorp had a return on equity of 12.02% and a net margin of 23.36%. The firm had revenue of $720.39 million during the quarter, compared to analysts' expectations of $732.04 million. During the same quarter in the prior year, the business earned $0.59 EPS. On average, sell-side analysts anticipate that Old National Bancorp will post 2.57 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th were given a dividend of $0.1450 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, September 4th. Old National Bancorp's payout ratio is presently 23.67%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fortitude Family Office LLC raised its holdings in Old National Bancorp by 313.5% in the third quarter. Fortitude Family Office LLC now owns 1,075 shares of the bank's stock valued at $26,000 after acquiring an additional 815 shares in the last quarter. Archer Investment Corp acquired a new position in Old National Bancorp during the 2nd quarter worth $39,000. Integrated Wealth Concepts LLC acquired a new position in Old National Bancorp during the 2nd quarter worth $41,000. FNY Investment Advisers LLC acquired a new position in Old National Bancorp during the 2nd quarter worth $49,000. Finally, Root Financial Partners LLC acquired a new position in Old National Bancorp during the 3rd quarter worth $53,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

About Old National Bancorp

Old National Bancorp NASDAQ: ONB is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.

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