Old National Bancorp (NASDAQ:ONB) Reaches New 52-Week High at $20.43

Shares of Old National Bancorp (NASDAQ:ONB) reached a new 52-week high during trading on Wednesday . The company traded as high as $20.43 and last traded at $20.40, with a volume of 1949402 shares traded. The stock had previously closed at $20.16.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ONB. Hovde Group started coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 price target on the stock. Barclays upped their target price on Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a research report on Tuesday, April 2nd. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 24th. Finally, Royal Bank of Canada lifted their target price on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.63.

Old National Bancorp Stock Performance

The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of 10.82 and a beta of 0.84. The firm has a fifty day moving average of $17.43 and a 200 day moving average of $16.89. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.94 and a quick ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. Old National Bancorp had a net margin of 18.83% and a return on equity of 15.42%. The business had revenue of $750.93 million for the quarter, compared to analysts’ expectations of $474.10 million. During the same quarter last year, the company earned $0.54 EPS. On average, sell-side analysts anticipate that Old National Bancorp will post 1.85 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were given a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.80%. Old National Bancorp’s dividend payout ratio (DPR) is currently 30.27%.

Insider Activity

In other Old National Bancorp news, insider G Sander Mark 103,297 shares of the company’s stock in a transaction on Tuesday, July 30th. The was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the transaction, the insider now directly owns 117,676 shares of the company’s stock, valued at $2,335,868.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider G Sander Mark 103,297 shares of the stock in a transaction that occurred on Tuesday, July 30th. The disclosure for this trade can be found here. Insiders have sold 62,165 shares of company stock worth $1,168,424 in the last ninety days. Company insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares during the last quarter. Rise Advisors LLC acquired a new position in Old National Bancorp during the first quarter worth about $28,000. LRI Investments LLC purchased a new stake in Old National Bancorp during the 1st quarter valued at about $48,000. Parkside Financial Bank & Trust raised its holdings in Old National Bancorp by 24.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock valued at $55,000 after acquiring an additional 650 shares during the last quarter. Finally, First Financial Corp IN lifted its stake in Old National Bancorp by 176.8% in the 2nd quarter. First Financial Corp IN now owns 6,086 shares of the bank’s stock worth $105,000 after purchasing an additional 3,887 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.