Old National Bancorp (NASDAQ:ONB) Reaches New 1-Year High After Earnings Beat

Old National Bancorp (NASDAQ:ONB) shares hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $24.17 and last traded at $23.66, with a volume of 4848521 shares traded. The stock had previously closed at $22.93.

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

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ONB shares. Raymond James upgraded 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 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. Barclays increased their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Piper Sandler restated an “overweight” rating and set a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Finally, StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

Institutional Trading of Old National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp raised its holdings in shares of Old National Bancorp by 0.3% in the third quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock valued at $275,941,000 after purchasing an additional 42,723 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Old National Bancorp by 6.6% in the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after purchasing an additional 514,315 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Old National Bancorp by 147.3% during the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after buying an additional 4,303,071 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Old National Bancorp by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock worth $67,733,000 after buying an additional 78,983 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Old National Bancorp by 13.5% during the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock worth $65,275,000 after buying an additional 416,647 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

The firm has a market capitalization of $7.55 billion, a price-to-earnings ratio of 14.34 and a beta of 0.87. The stock’s fifty day moving average is $22.11 and its two-hundred day moving average is $20.10. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83.

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.