Old National Bancorp (NASDAQ:ONB) Hits New 52-Week High – Still a Buy?

Old National Bancorp (NASDAQ:ONB) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $20.87 and last traded at $20.85, with a volume of 104625 shares. The stock had previously closed at $19.16.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Barclays lifted their price objective on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Finally, Royal Bank of Canada boosted their target price on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.43.

Old National Bancorp Trading Down 2.9 %

The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The firm’s 50 day moving average price is $18.96 and its 200 day moving average price is $18.09. The stock has a market capitalization of $6.86 billion, a P/E ratio of 13.04 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. Old National Bancorp’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 EPS. As a group, equities research analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a $0.14 dividend. The ex-dividend date was Thursday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.60%. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors have recently added to or reduced their stakes in ONB. International Assets Investment Management LLC boosted its stake in Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of Old National Bancorp during the second quarter valued at approximately $28,000. LRI Investments LLC bought a new stake in shares of Old National Bancorp during the first quarter valued at approximately $48,000. Finally, Quest Partners LLC purchased a new position in Old National Bancorp in the 3rd quarter worth approximately $91,000. Institutional investors own 83.66% of the company’s stock.

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.