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

Old National Bancorp (NASDAQ:ONB) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $24.78 and last traded at $24.78, with a volume of 415850 shares. The stock had previously closed at $24.43.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ONB. National Bankshares set a $30.00 price target on shares of Old National Bancorp in a report on Thursday, January 22nd. TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and upped their target price for the stock from $27.00 to $30.00 in a research note on Thursday, January 22nd. Barclays set a $29.00 price target on Old National Bancorp and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada upped their price objective on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 22nd. Finally, UBS Group reaffirmed a “neutral” rating on shares of Old National Bancorp in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.27.

Old National Bancorp Stock Performance

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.80. The company has a fifty day moving average price of $23.04 and a 200 day moving average price of $22.04. The stock has a market cap of $10.11 billion, a PE ratio of 14.43 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. The firm had revenue of $714.50 million for the quarter, compared to analysts’ expectations of $705.62 million. Old National Bancorp had a net margin of 17.91% and a return on equity of 15.06%. During the same quarter in the previous year, the company earned $0.49 earnings per share. Analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, December 5th were paid a $0.14 dividend. The ex-dividend date was Friday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.2%. Old National Bancorp’s dividend payout ratio is presently 31.28%.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently made changes to their positions in the company. Carlson Capital L.P. lifted its stake in Old National Bancorp by 1.1% during the fourth quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock worth $848,000 after purchasing an additional 400 shares in the last quarter. Rothschild Investment LLC boosted its stake in shares of Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after buying an additional 535 shares during the period. Nisa Investment Advisors LLC lifted its stake in Old National Bancorp by 1.0% in the second quarter. Nisa Investment Advisors LLC now owns 57,711 shares of the bank’s stock worth $1,232,000 after acquiring an additional 556 shares during the last quarter. Securian Asset Management Inc. lifted its position in shares of Old National Bancorp by 2.3% during the 2nd quarter. Securian Asset Management Inc. now owns 24,791 shares of the bank’s stock worth $529,000 after purchasing an additional 565 shares during the last quarter. Finally, Glenmede Investment Management LP lifted its holdings in Old National Bancorp by 1.0% during the 3rd quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock worth $1,362,000 after buying an additional 625 shares during the last quarter. Hedge funds and other institutional investors 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.