Old National Bancorp (NASDAQ:ONB) Hits New 52-Week High at $19.96

Old National Bancorp (NASDAQ:ONB) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $19.96 and last traded at $19.70, with a volume of 614269 shares changing hands. The stock had previously closed at $19.54.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ONB shares. Barclays boosted their target price on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday. Hovde Group assumed coverage on Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price target for the company. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 target price on shares of Old National Bancorp in a report on Tuesday, April 9th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Old National Bancorp Price Performance

The firm has a market cap of $6.19 billion, a price-to-earnings ratio of 10.48 and a beta of 0.84. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average price is $17.03 and its 200-day moving average price is $16.71.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The company had revenue of $440.20 million for the quarter, compared to analysts’ expectations of $440.00 million. During the same quarter in the prior year, the company posted $0.54 earnings per share. Old National Bancorp’s revenue for the quarter was down 3.8% compared to the same quarter last year. As a group, equities research analysts forecast that Old National Bancorp will post 1.82 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, June 17th. Shareholders of record on Wednesday, June 5th were paid a $0.14 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.89%. Old National Bancorp’s dividend payout ratio (DPR) is 30.27%.

Insider Buying and Selling

In other news, CFO Brendon B. Falconer sold 49,375 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total transaction of $803,825.00. Following the completion of the sale, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the transaction, the chief financial officer now directly owns 88,712 shares in the company, valued at approximately $1,444,231.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the transaction, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at $795,015.90. The disclosure for this sale can be found here. 1.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in ONB. Dimensional Fund Advisors LP grew its position in Old National Bancorp by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock valued at $241,176,000 after acquiring an additional 841,195 shares in the last quarter. Channing Capital Management LLC boosted its position in Old National Bancorp by 33.9% in the 4th quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock valued at $84,203,000 after buying an additional 1,263,060 shares during the last quarter. Verition Fund Management LLC boosted its holdings in Old National Bancorp by 48.9% in the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after purchasing an additional 1,240,952 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in Old National Bancorp by 0.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 3,305,752 shares of the bank’s stock valued at $57,553,000 after purchasing an additional 25,519 shares in the last quarter. Finally, Norges Bank purchased a new stake in Old National Bancorp during the 4th quarter worth approximately $55,808,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.