Old National Bancorp (NASDAQ:ONB) Hits New 1-Year High – Should You Buy?

Old National Bancorp (NASDAQ:ONB)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $23.76 and last traded at $23.07, with a volume of 1667954 shares traded. The stock had previously closed at $21.65.

Wall Street Analysts Forecast Growth

ONB has been the topic of a number of recent analyst reports. Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday. Barclays increased their price target on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday. Royal Bank of Canada boosted their price objective on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday. Finally, StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.44.

Old National Bancorp Trading Up 0.9 %

The business has a 50 day moving average of $19.63 and a two-hundred day moving average of $18.52. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 14.02 and a beta of 0.82. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same period in the prior year, the firm earned $0.51 earnings per share. Old National Bancorp’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities analysts predict that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after buying an additional 1,325 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in Old National Bancorp during the second quarter worth $28,000. LRI Investments LLC purchased a new stake in Old National Bancorp in the 1st quarter valued at $48,000. Finally, Quest Partners LLC bought a new position in Old National Bancorp during the 3rd quarter valued at $91,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.