Old National Bancorp (NASDAQ:ONB) Stock Price Up 5.3% on Strong Earnings

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

The bank reported $0.49 earnings per share for the quarter, topping 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 in the prior year, the company earned $0.46 earnings per share.

Old National Bancorp Dividend Announcement

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

Analyst Ratings Changes

ONB has been the subject of several recent research reports. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Barclays upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Keefe, Bruyette & Woods upped their target price on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. 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. Finally, Royal Bank of Canada upped their target price on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $24.38.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. Fisher Asset Management LLC lifted its stake in shares of Old National Bancorp by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after purchasing an additional 90,747 shares during the period. Citigroup Inc. increased its holdings in Old National Bancorp by 12.1% during the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock worth $9,051,000 after purchasing an additional 52,430 shares in the last quarter. LMR Partners LLP bought a new position in shares of Old National Bancorp in the third quarter valued at approximately $452,000. JPMorgan Chase & Co. grew its holdings in shares of Old National Bancorp by 13.5% in the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock valued at $65,275,000 after acquiring an additional 416,647 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of Old National Bancorp by 1.2% in the third quarter. Stifel Financial Corp now owns 53,594 shares of the bank’s stock valued at $1,000,000 after acquiring an additional 648 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Up 3.2 %

The company has a market capitalization of $7.55 billion, a P/E ratio of 14.34 and a beta of 0.87. 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 has a fifty day moving average price of $22.11 and a 200-day moving average price of $20.10.

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.