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

Old National Bancorp (NASDAQ:ONB)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $23.76 and last traded at $23.07, with a volume of 1667954 shares changing hands. The stock had previously closed at $21.65.

Analysts Set New Price Targets

A number of research firms have recently commented on ONB. Barclays raised their price objective on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.43.

Old National Bancorp Stock Up 6.4 %

The firm’s 50-day simple moving average is $19.55 and its two-hundred day simple moving average is $18.48. The stock has a market cap of $7.35 billion, a price-to-earnings ratio of 14.27 and a beta of 0.82. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.51 EPS. On average, sell-side analysts expect that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be given a $0.14 dividend. The ex-dividend date is Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.43%. Old National Bancorp’s payout ratio is 33.94%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. LRI Investments LLC acquired a new position in Old National Bancorp in the first quarter valued at approximately $48,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Old National Bancorp by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,646 shares of the bank’s stock valued at $3,006,000 after purchasing an additional 10,990 shares during the period. Tidal Investments LLC boosted its position in shares of Old National Bancorp by 11.0% in the 1st quarter. Tidal Investments LLC now owns 13,273 shares of the bank’s stock worth $231,000 after purchasing an additional 1,316 shares during the last quarter. Comerica Bank grew its stake in shares of Old National Bancorp by 11.9% during the first quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after purchasing an additional 31,937 shares during the period. Finally, EMC Capital Management grew its stake in shares of Old National Bancorp by 13.9% during the first quarter. EMC Capital Management now owns 22,445 shares of the bank’s stock worth $391,000 after purchasing an additional 2,735 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.