Old National Bancorp (NASDAQ:ONB) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Old National Bancorp (NASDAQ:ONB)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $19.62 and traded as high as $21.52. Old National Bancorp shares last traded at $21.47, with a volume of 2,043,943 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their price target on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Tuesday, November 26th. Royal Bank of Canada increased their target price on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 26th. Finally, Barclays lifted their target price on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

Old National Bancorp Stock Performance

The stock has a 50-day moving average price of $21.73 and a 200 day moving average price of $19.65. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $6.85 billion, a price-to-earnings ratio of 13.01 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. During the same period in the prior year, the firm posted $0.51 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, analysts forecast that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were issued a $0.14 dividend. The ex-dividend date was Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.61%. Old National Bancorp’s payout ratio is 33.94%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ONB. Victory Capital Management Inc. increased its stake in Old National Bancorp by 147.3% in the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after purchasing an additional 4,303,071 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock worth $289,481,000 after buying an additional 1,896,748 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of Old National Bancorp by 6,650.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after buying an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund grew its stake in Old National Bancorp by 469.7% in the 3rd quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock valued at $19,400,000 after acquiring an additional 857,158 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after acquiring an additional 514,315 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.