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

Old National Bancorp (NASDAQ:ONB)’s share price reached a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $24.17 and last traded at $23.66, with a volume of 4848521 shares trading hands. 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 net margin of 17.93% and a return on equity of 10.10%. During the same quarter in the prior year, the business earned $0.46 EPS.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were issued a $0.14 dividend. The ex-dividend date of this dividend 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 Upgrades and Downgrades

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

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently modified their holdings of ONB. Victory Capital Management Inc. grew its stake in shares of Old National Bancorp by 147.3% in the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after acquiring an additional 4,303,071 shares in the last quarter. Point72 Asset Management L.P. grew its stake in Old National Bancorp by 6,650.2% during the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after buying an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund grew its stake in Old National Bancorp by 469.7% during the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after buying an additional 857,158 shares in the last quarter. Geode Capital Management LLC grew its stake in Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after buying an additional 514,315 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Old National Bancorp during the third quarter worth about $8,093,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 14.34 and a beta of 0.87. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The business’s 50 day simple moving average is $22.11 and its 200-day simple moving average is $20.10.

Old National Bancorp Company Profile

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.