Old National Bancorp (NASDAQ:ONB) Hits New 52-Week High – Should You Buy?

Old National Bancorp (NASDAQ:ONB) reached 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 trading hands. The stock had previously closed at $26.38.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ONB shares. Keefe, Bruyette & Woods raised their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Barclays increased their target price on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. UBS Group assumed coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price target for the company. Raymond James Financial began coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a “market perform” rating for the company. Finally, Truist Financial increased their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Nine equities research 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, Old National Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $28.55.

Old National Bancorp Stock Performance

The company has a 50 day simple moving average of $24.87 and a 200-day simple moving average of $23.90. 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 cap of $10.34 billion, a P/E ratio of 13.79 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The firm had revenue of $702.70 million during the quarter, compared to analyst estimates of $706.62 million. During the same period in the previous year, the business posted $0.45 EPS. The business’s quarterly revenue was up 44.4% on a year-over-year basis. On average, equities analysts expect that Old National Bancorp will post 2.57 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders 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 yield of 2.2%. Old National Bancorp’s dividend payout ratio is presently 29.90%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ONB. Revolve Wealth Partners LLC purchased a new stake in shares of Old National Bancorp in the 2nd quarter worth about $299,000. Valeo Financial Advisors LLC increased its position in shares of Old National Bancorp by 10.4% during the second quarter. Valeo Financial Advisors LLC now owns 26,719 shares of the bank’s stock valued at $692,000 after buying an additional 2,525 shares during the period. Trust Point Inc. purchased a new position in shares of Old National Bancorp during the second quarter valued at about $209,000. FNY Investment Advisers LLC bought a new position in Old National Bancorp in the second quarter worth about $49,000. Finally, GAMMA Investing LLC lifted its holdings in Old National Bancorp by 11.5% in the second quarter. GAMMA Investing LLC now owns 11,060 shares of the bank’s stock worth $286,000 after buying an additional 1,141 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.