Old National Bancorp (NASDAQ:ONB) Hits New 1-Year High – What’s Next?

Old National Bancorp (NASDAQ:ONB)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $26.55 and last traded at $26.45, with a volume of 5116240 shares. The stock had previously closed at $26.00.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Stephens upped their target price on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Jefferies Financial Group raised their price target on shares of Old National Bancorp from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Finally, UBS Group started coverage on Old National Bancorp in a report on Tuesday. They issued a “buy” rating and a $32.00 price objective for the company. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.55.

Old National Bancorp Stock Down 2.6%

The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a market capitalization of $9.94 billion, a P/E ratio of 13.26 and a beta of 0.83. The stock’s fifty day moving average is $24.54 and its two-hundred day moving average is $23.74.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating 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 company had revenue of $702.70 million for the quarter, compared to analysts’ expectations of $706.62 million. During the same quarter in the prior year, the company earned $0.45 earnings per share. The firm’s revenue was up 44.4% on a year-over-year basis. As a group, research analysts predict that Old National Bancorp will post 2.57 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were given a dividend of $0.145 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. Old National Bancorp’s payout ratio is 29.90%.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of ONB. Royal Bank of Canada raised its holdings in Old National Bancorp by 2.0% during the 1st quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock worth $4,536,000 after buying an additional 4,153 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Old National Bancorp by 87.8% in the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock worth $269,000 after buying an additional 5,936 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Old National Bancorp by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock worth $60,263,000 after buying an additional 215,203 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Old National Bancorp by 7.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank’s stock worth $19,349,000 after acquiring an additional 64,110 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Old National Bancorp by 6.1% in the second quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank’s stock worth $1,149,000 after acquiring an additional 3,091 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.