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 on Thursday . The company traded as high as $24.25 and last traded at $24.10, with a volume of 55771 shares traded. The stock had previously closed at $24.15.

Wall Street Analysts Forecast Growth

ONB has been the subject of several recent analyst reports. Stephens restated an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, January 22nd. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Piper Sandler reiterated an “overweight” rating and issued a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Raymond James reissued a “strong-buy” rating and set a $29.00 target price (up from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $26.29.

Old National Bancorp Price Performance

The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $7.75 billion, a PE ratio of 14.47 and a beta of 0.88. The stock has a fifty day moving average price of $22.53 and a 200-day moving average price of $20.55.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period in the prior year, the firm earned $0.46 earnings per share. Sell-side analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

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

Institutional Trading of Old National Bancorp

Institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC boosted its holdings in Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after acquiring an additional 1,325 shares in the last quarter. Empowered Funds LLC purchased a new stake in Old National Bancorp during the 4th quarter worth approximately $28,000. Versant Capital Management Inc increased its stake in Old National Bancorp by 58.4% during the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after purchasing an additional 615 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after buying an additional 663 shares during the last quarter. Finally, Bank of Jackson Hole Trust purchased a new position in shares of Old National Bancorp in the fourth quarter worth $65,000. 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.