Old National Bancorp (NASDAQ:ONB) Trading Up 5.3% Following Earnings Beat

Old National Bancorp (NASDAQ:ONB)’s stock price traded up 5.3% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $24.03 and last traded at $24.13. 330,377 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 3,592,972 shares. The stock had previously closed at $22.93.

The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. During the same quarter last year, the business posted $0.46 EPS.

Old National Bancorp Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 33.94%.

Analyst Ratings Changes

Several research analysts recently commented on ONB shares. Barclays raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods increased their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Royal Bank of Canada lifted their price objective on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a report on Tuesday, November 26th. Finally, Piper Sandler reissued an “overweight” rating and issued a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.38.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC boosted its position in Old National Bancorp by 1,766.7% during the 3rd 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 during the last quarter. Versant Capital Management Inc raised its holdings in Old National Bancorp by 58.4% in the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after acquiring an additional 615 shares during the period. UMB Bank n.a. lifted its holdings in shares of Old National Bancorp by 58.9% during 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 in the last quarter. 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 acquiring an additional 2,385 shares during the period. Finally, Quest Partners LLC acquired a new stake in Old National Bancorp during the third quarter worth about $91,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Trading Up 4.7 %

The firm’s fifty day simple moving average is $22.08 and its 200 day simple moving average is $20.06. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $7.66 billion, a P/E ratio of 14.61 and a beta of 0.87.

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.