Old National Bancorp (NASDAQ:ONB) Sets New 12-Month High - Time to Buy?

Old National Bancorp (NASDAQ:ONB - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $20.87 and last traded at $20.85, with a volume of 104625 shares. The stock had previously closed at $19.16.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ONB. Barclays lifted their target price on Old National Bancorp from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Friday, September 27th. Royal Bank of Canada boosted their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 24th. Finally, StockNews.com cut shares of Old National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Old National Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $20.43.

Old National Bancorp Price Performance

The firm has a market capitalization of $7.07 billion, a PE ratio of 13.37 and a beta of 0.82. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The business's 50 day moving average is $18.87 and its two-hundred day moving average is $18.04.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The firm had revenue of $485.86 million for the quarter, compared to analysts' expectations of $482.20 million. During the same quarter last year, the company posted $0.51 EPS. The business's quarterly revenue was up 6.5% on a year-over-year basis. As a group, research analysts anticipate that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is currently 33.94%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Leuthold Group LLC bought a new stake in shares of Old National Bancorp in the 1st quarter worth approximately $3,142,000. Wealth Enhancement Advisory Services LLC boosted its position in Old National Bancorp by 188.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank's stock valued at $885,000 after buying an additional 33,615 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of Old National Bancorp by 35.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank's stock valued at $1,969,000 after buying an additional 29,400 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in shares of Old National Bancorp by 27.9% in the first quarter. First Eagle Investment Management LLC now owns 446,698 shares of the bank's stock worth $7,777,000 after buying an additional 97,350 shares during the period. Finally, Busey Bank lifted its stake in shares of Old National Bancorp by 41.6% in the 2nd quarter. Busey Bank now owns 38,519 shares of the bank's stock valued at $662,000 after acquiring an additional 11,316 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

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.