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

Old National Bancorp (NASDAQ:ONB) hit a new 52-week high on Wednesday . The company traded as high as $26.30 and last traded at $25.9910, with a volume of 188417 shares changing hands. The stock had previously closed at $25.90.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ONB. Barclays increased their price target on shares of Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Tuesday, April 7th. Truist Financial upped their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Jefferies Financial Group lifted their target price on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. Finally, Stephens boosted their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.91.

Old National Bancorp Stock Down 0.9%

The firm has a market cap of $10.05 billion, a PE ratio of 13.40 and a beta of 0.83. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94. The company’s 50-day simple moving average is $24.35 and its two-hundred day simple moving average is $23.65.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $702.70 million for the quarter, compared to analysts’ expectations of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The company’s revenue for the quarter was up 44.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 earnings per share. On average, analysts predict that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were given a dividend of $0.145 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. Old National Bancorp’s dividend payout ratio is presently 29.90%.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of ONB. MAI Capital Management raised its holdings in shares of Old National Bancorp by 156.8% during the third quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock valued at $25,000 after acquiring an additional 704 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in Old National Bancorp in the fourth quarter worth $27,000. Flagship Harbor Advisors LLC bought a new stake in Old National Bancorp in the fourth quarter valued at $28,000. JFS Wealth Advisors LLC boosted its holdings in Old National Bancorp by 811.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock valued at $36,000 after acquiring an additional 1,428 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Old National Bancorp during the 4th quarter valued at $36,000. Hedge funds and other 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.