Old National Bancorp (NASDAQ:ONB) Hits New 12-Month High – Here’s Why

Old National Bancorp (NASDAQ:ONB)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $27.36 and last traded at $27.2380, with a volume of 2071112 shares traded. The stock had previously closed at $26.85.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Truist Financial increased their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Citigroup lifted their price objective on Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Raymond James Financial assumed coverage on Old National Bancorp in a research note on Tuesday, July 7th. They set a “market perform” rating for the company. Finally, Royal Bank Of Canada raised their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 23rd. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $29.36.

Old National Bancorp Trading Up 1.1%

The firm has a market cap of $10.39 billion, a price-to-earnings ratio of 12.07 and a beta of 0.84. The business’s 50 day moving average price is $25.49 and its 200-day moving average price is $24.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. The business had revenue of $732.55 million for the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.53 earnings per share. Equities analysts expect that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a dividend of $0.145 per share. 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 dividend payout ratio (DPR) is currently 25.78%.

Insider Buying and Selling

In other news, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the transaction, the chief executive officer owned 63,531 shares in the company, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the sale, the insider owned 53,544 shares of the company’s stock, valued at $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. bought a new stake in Old National Bancorp during the fourth quarter valued at $27,000. Flagship Harbor Advisors LLC bought a new position in shares of Old National Bancorp in the 4th quarter worth about $28,000. Los Angeles Capital Management LLC acquired a new position in shares of Old National Bancorp in the 4th quarter valued at about $36,000. Peterson Wealth Services boosted its holdings in shares of Old National Bancorp by 9,711.8% in 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. Finally, FNY Investment Advisers LLC acquired a new position in shares of Old National Bancorp in the 2nd quarter valued at about $49,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.