Old National Bancorp (NASDAQ:ONB) Reaches New 1-Year High – Still a Buy?

Shares of Old National Bancorp (NASDAQ:ONB) hit a new 52-week high during trading on Tuesday . The company traded as high as $26.55 and last traded at $26.45, with a volume of 5116240 shares trading hands. The stock had previously closed at $26.00.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Truist Financial boosted their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Barclays raised 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. Stephens boosted their price objective on Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $27.91.

Old National Bancorp Stock Up 1.7%

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 firm has a market cap of $10.22 billion, a PE ratio of 13.63 and a beta of 0.83. The company’s 50-day simple moving average is $24.43 and its two-hundred day simple moving average is $23.70.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The business had revenue of $702.70 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 EPS. 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 announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a $0.145 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. Old National Bancorp’s dividend payout ratio (DPR) is presently 29.90%.

Institutional Investors Weigh In On Old National Bancorp

A number of large investors have recently made changes to their positions in ONB. Kemnay Advisory Services Inc. purchased a new position in Old National Bancorp during the fourth quarter valued at $27,000. Flagship Harbor Advisors LLC purchased a new position in Old National Bancorp during the fourth quarter valued at $28,000. JFS Wealth Advisors LLC grew its position in shares of Old National Bancorp by 811.4% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,428 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Old National Bancorp in the 4th quarter worth approximately $36,000. Finally, Peterson Wealth Services increased its position in Old National Bancorp by 9,711.8% in the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $37,000 after purchasing an additional 1,651 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

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.