Old National Bancorp (NASDAQ:ONB) Hits New 12-Month High – Here’s Why

Old National Bancorp (NASDAQ:ONB)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $27.36 and last traded at $27.2380, with a volume of 2071112 shares changing hands. The stock had previously closed at $26.85.

Wall Street Analyst Weigh In

ONB has been the subject of several research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, July 22nd. TD Cowen lifted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Raymond James Financial began coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They set a “market perform” rating for the company. Citigroup upped their price objective on Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Finally, Keefe, Bruyette & Woods increased their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

Old National Bancorp Stock Up 1.1%

The stock has a fifty day moving average price of $25.49 and a 200-day moving average price of $24.19. The firm has a market cap of $10.39 billion, a PE ratio of 12.07 and a beta of 0.84. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. The firm had revenue of $732.55 million for the quarter, compared to analyst estimates of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. Old National Bancorp’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 earnings per share. Research analysts expect that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 25.78%.

Insiders Place Their Bets

In related news, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total transaction of $533,200.00. Following the transaction, the insider owned 53,544 shares in the company, valued at approximately $1,427,483.04. The trade was a 27.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Chady M. Alahmar sold 11,771 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the sale, the chief executive officer directly owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Comerica Bank grew its holdings in Old National Bancorp by 27.8% during the 4th quarter. Comerica Bank now owns 263,057 shares of the bank’s stock valued at $5,869,000 after purchasing an additional 57,152 shares in the last quarter. Algebris UK Ltd. lifted its holdings in Old National Bancorp by 57.9% in the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock worth $41,160,000 after buying an additional 675,873 shares in the last quarter. Ruffer LLP acquired a new position in Old National Bancorp in the 4th quarter worth $2,871,000. Norges Bank purchased a new position in Old National Bancorp in the 4th quarter valued at about $72,661,000. Finally, Easterly Investment Partners LLC boosted its position in Old National Bancorp by 27.4% in the 4th quarter. Easterly Investment Partners LLC now owns 282,948 shares of the bank’s stock valued at $6,313,000 after buying an additional 60,829 shares during the last quarter. 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.