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

Old National Bancorp (NASDAQ:ONB)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $26.30 and last traded at $25.9910, with a volume of 188417 shares traded. The stock had previously closed at $25.90.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ONB shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Truist Financial raised their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Barclays boosted their target price on Old National Bancorp from $29.00 to $30.00 and gave the stock an “overweight” rating in a report on Tuesday, April 7th. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Finally, Stephens lifted their price objective on Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.91.

Old National Bancorp Stock Performance

The firm has a 50 day simple moving average of $24.26 and a 200-day simple moving average of $23.61. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market cap of $10.13 billion, a price-to-earnings ratio of 13.51 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The company had revenue of $702.70 million for the quarter, compared to the consensus estimate of $706.62 million. During the same quarter in the previous year, the business earned $0.45 earnings per share. The company’s revenue for the quarter was up 44.4% on a year-over-year basis. As a group, analysts predict that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s payout ratio is 29.90%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Old National Bancorp during the fourth quarter valued at about $72,661,000. Morgan Stanley lifted its holdings in shares of Old National Bancorp by 69.8% in the 4th quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock worth $151,189,000 after acquiring an additional 2,785,474 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Old National Bancorp by 104.6% in the 3rd quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock worth $114,738,000 after acquiring an additional 2,672,319 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Old National Bancorp by 65.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank’s stock worth $110,572,000 after purchasing an additional 1,966,958 shares during the period. Finally, Balyasny Asset Management L.P. boosted its position in shares of Old National Bancorp by 2,942.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,743,757 shares of the bank’s stock worth $38,903,000 after purchasing an additional 1,686,442 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.