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

Old National Bancorp (NASDAQ:ONB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $26.30 and last traded at $25.9910, with a volume of 188417 shares. The stock had previously closed at $25.90.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. 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 report on Wednesday, April 22nd. Keefe, Bruyette & Woods increased their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Truist Financial increased their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Barclays lifted their price target on Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.91.

Old National Bancorp Price Performance

The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. The stock’s 50-day simple moving average is $24.26 and its two-hundred day simple moving average is $23.61. The company has a market capitalization of $10.13 billion, a price-to-earnings ratio of 13.51 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $702.70 million during the quarter, compared to analysts’ expectations of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The company’s quarterly revenue was up 44.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.45 earnings per share. Equities research analysts predict that Old National Bancorp will post 2.58 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were paid a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s payout ratio is 29.90%.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. MAI Capital Management increased its position in shares of Old National Bancorp by 156.8% during the third quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock worth $25,000 after purchasing an additional 704 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in Old National Bancorp in the 4th quarter valued at $27,000. Flagship Harbor Advisors LLC acquired a new stake in Old National Bancorp during the 4th quarter worth $28,000. Los Angeles Capital Management LLC acquired a new stake in Old National Bancorp during the 4th quarter worth $36,000. Finally, JFS Wealth Advisors LLC grew its holdings in shares of Old National Bancorp by 811.4% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock worth $36,000 after buying an additional 1,428 shares in the last quarter. Hedge funds and other institutional investors 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.