Old National Bancorp (NASDAQ:ONB) Reaches New 52-Week High – What’s Next?

Old National Bancorp (NASDAQ:ONB) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $27.36 and last traded at $27.2380, with a volume of 2071112 shares traded. The stock had previously closed at $26.85.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ONB shares. Jefferies Financial Group reaffirmed a “hold” rating and set a $27.00 price objective on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Royal Bank Of Canada raised their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 23rd. Finally, Raymond James Financial initiated coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a “market perform” rating for the company. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.36.

Old National Bancorp Stock Down 1.2%

The business’s 50 day moving average price is $25.60 and its 200-day moving average price is $24.25. The firm has a market capitalization of $10.20 billion, a PE ratio of 11.85 and a beta of 0.84. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The firm had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same quarter last year, the firm earned $0.53 EPS. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, equities research analysts forecast that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently declared 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. The ex-dividend date was Friday, June 5th. This represents a $0.58 annualized dividend and a yield of 2.2%. Old National Bancorp’s dividend payout ratio is 25.78%.

Insider Buying and Selling

In related news, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the transaction, the insider owned 53,544 shares in the company, valued at $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chady M. Alahmar sold 11,771 shares of the business’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the transaction, the chief executive officer owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is owned by insiders.

Institutional Trading of Old National Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. Kemnay Advisory Services Inc. purchased a new position in Old National Bancorp in the 4th quarter valued at about $27,000. Flagship Harbor Advisors LLC acquired a new position in shares of Old National Bancorp in the 4th quarter valued at about $28,000. Los Angeles Capital Management LLC purchased a new stake in shares of Old National Bancorp during the 4th quarter worth about $36,000. Peterson Wealth Services lifted its position in Old National Bancorp by 9,711.8% during the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock valued at $37,000 after buying an additional 1,651 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in Old National Bancorp during the second quarter worth approximately $49,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

About Old National Bancorp

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.