Old National Bancorp (NASDAQ:ONB) Reaches New 52-Week High – Here’s Why

Old National Bancorp (NASDAQ:ONB)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $24.25 and last traded at $24.10, with a volume of 55771 shares. The stock had previously closed at $24.15.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Piper Sandler restated an “overweight” rating and set a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Raymond James reissued a “strong-buy” rating and issued a $29.00 price target (up from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Stephens reiterated an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays lifted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp has an average rating of “Moderate Buy” and an average target price of $26.29.

Old National Bancorp Price Performance

The firm has a market capitalization of $7.75 billion, a PE ratio of 14.47 and a beta of 0.88. The stock’s 50 day simple moving average is $22.53 and its two-hundred day simple moving average is $20.55. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same period in the previous year, the company posted $0.46 earnings per share. On average, sell-side analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.30%. Old National Bancorp’s dividend payout ratio (DPR) is 33.33%.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new position in shares of Old National Bancorp during the 2nd quarter worth approximately $399,000. GAMMA Investing LLC increased its stake in Old National Bancorp by 156.8% during the 3rd quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after buying an additional 2,385 shares during the period. CWM LLC lifted its holdings in Old National Bancorp by 0.7% during the 3rd quarter. CWM LLC now owns 87,365 shares of the bank’s stock worth $1,630,000 after buying an additional 591 shares in the last quarter. Creative Planning grew its stake in shares of Old National Bancorp by 19.0% in the third quarter. Creative Planning now owns 95,315 shares of the bank’s stock worth $1,779,000 after acquiring an additional 15,250 shares in the last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of Old National Bancorp in the third quarter valued at $399,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

About Old National Bancorp

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.