Old National Bancorp (NASDAQ:ONB) Sets New 52-Week High – Should You Buy?

Old National Bancorp (NASDAQ:ONB)’s share price reached a new 52-week high on Thursday . The company traded as high as $24.25 and last traded at $24.10, with a volume of 55771 shares traded. The stock had previously closed at $24.15.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler reiterated an “overweight” rating and set a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $26.00 target price (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods boosted their price target on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Raymond James restated a “strong-buy” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Stephens restated an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.29.

Old National Bancorp Trading Up 0.9 %

The stock has a market capitalization of $7.77 billion, a P/E ratio of 14.51 and a beta of 0.88. The firm’s 50 day simple moving average is $22.48 and its two-hundred day simple moving average is $20.49. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period last year, the business earned $0.46 EPS. As a group, analysts forecast that Old National Bancorp will post 2.05 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s payout ratio is 33.33%.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC boosted its holdings in Old National Bancorp by 1.4% in the 4th quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank’s stock valued at $762,000 after purchasing an additional 432 shares during the period. Studio Investment Management LLC raised its position in shares of Old National Bancorp by 2.6% in the third quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock worth $388,000 after buying an additional 524 shares in the last quarter. CWM LLC boosted its stake in Old National Bancorp by 0.7% during the third quarter. CWM LLC now owns 87,365 shares of the bank’s stock valued at $1,630,000 after buying an additional 591 shares during the period. Versant Capital Management Inc boosted its stake in Old National Bancorp by 58.4% during the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after buying an additional 615 shares during the period. Finally, Stifel Financial Corp grew its position in Old National Bancorp by 1.2% during the third quarter. Stifel Financial Corp now owns 53,594 shares of the bank’s stock worth $1,000,000 after buying an additional 648 shares in the last quarter. 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.