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

Old National Bancorp (NASDAQ:ONB)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $26.81 and last traded at $26.9060, with a volume of 481385 shares. The stock had previously closed at $26.38.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ONB shares. Keefe, Bruyette & Woods lifted 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. UBS Group initiated coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a “buy” rating and a $32.00 target price on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Stephens lifted their price target on Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Finally, Raymond James Financial assumed coverage on Old National Bancorp in a report on Tuesday, July 7th. They issued a “market perform” rating for the company. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $28.55.

Old National Bancorp Stock Up 2.9%

The stock has a 50 day moving average price of $24.76 and a 200-day moving average price of $23.85. The stock has a market capitalization of $10.48 billion, a P/E ratio of 13.98 and a beta of 0.83. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93.

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

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp’s payout ratio is 29.90%.

Institutional Trading of Old National Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kemnay Advisory Services Inc. purchased a new stake in shares of Old National Bancorp during the fourth quarter valued at approximately $27,000. Flagship Harbor Advisors LLC purchased a new position in shares of Old National Bancorp in the fourth quarter worth $28,000. JFS Wealth Advisors LLC raised its holdings in Old National Bancorp by 811.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock valued at $36,000 after buying an additional 1,428 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Old National Bancorp during the 4th quarter valued at $36,000. Finally, Peterson Wealth Services boosted its position in Old National Bancorp by 9,711.8% during the 4th 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 during the period. 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.