Old National Bancorp (NASDAQ:ONB) Reaches New 52-Week High - What's Next?

Old National Bancorp (NASDAQ:ONB - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $24.25 and last traded at $24.10, with a volume of 55771 shares trading hands. The stock had previously closed at $24.15.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Piper Sandler reiterated an "overweight" rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Stephens reiterated an "overweight" rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, January 22nd. StockNews.com downgraded shares of Old National Bancorp from a "hold" rating to a "sell" rating in a report on Tuesday, December 3rd. Barclays raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an "overweight" rating in a research note on Friday, December 20th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Old National Bancorp currently has an average rating of "Moderate Buy" and an average target price of $26.29.

Old National Bancorp Stock Performance

The stock's 50-day simple moving average is $22.53 and its 200 day simple moving average is $20.55. The company has a market capitalization of $7.61 billion, a PE ratio of 14.20 and a beta of 0.88. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same period in the previous year, the firm earned $0.46 EPS. As a group, research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Thursday, December 5th. Old National Bancorp's dividend payout ratio (DPR) is 33.33%.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of ONB. Fisher Asset Management LLC increased its holdings in shares of Old National Bancorp by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank's stock valued at $59,453,000 after purchasing an additional 90,747 shares during the period. Citigroup Inc. raised its position in Old National Bancorp by 12.1% during the third quarter. Citigroup Inc. now owns 485,023 shares of the bank's stock worth $9,051,000 after acquiring an additional 52,430 shares during the last quarter. LMR Partners LLP acquired a new position in shares of Old National Bancorp during the 3rd quarter worth approximately $452,000. JPMorgan Chase & Co. raised its holdings in shares of Old National Bancorp by 13.5% in the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank's stock worth $65,275,000 after acquiring an additional 416,647 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new position in Old National Bancorp in the 4th quarter valued at about $209,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.