Old National Bancorp (NASDAQ:ONB) Trading Up 5.3% on Strong Earnings

Old National Bancorp (NASDAQ:ONB)’s share price was up 5.3% on Tuesday following a better than expected earnings announcement. The stock traded as high as $24.03 and last traded at $24.13. Approximately 330,377 shares changed hands during trading, a decline of 91% from the average daily volume of 3,592,972 shares. The stock had previously closed at $22.93.

The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. During the same period in the previous year, the firm earned $0.46 EPS.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were issued a $0.14 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.37%. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ONB shares. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Barclays lifted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Piper Sandler reissued an “overweight” rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods raised their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada raised their price target on shares of Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.38.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ONB. Envestnet Asset Management Inc. raised its position in shares of Old National Bancorp by 1.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 105,231 shares of the bank’s stock valued at $1,809,000 after buying an additional 1,207 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in Old National Bancorp by 3.7% during the 2nd quarter. Mutual of America Capital Management LLC now owns 180,800 shares of the bank’s stock valued at $3,108,000 after purchasing an additional 6,431 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in Old National Bancorp by 5.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,768 shares of the bank’s stock valued at $511,000 after purchasing an additional 1,489 shares during the last quarter. AE Wealth Management LLC grew its holdings in Old National Bancorp by 19.1% during the 2nd quarter. AE Wealth Management LLC now owns 16,933 shares of the bank’s stock valued at $291,000 after purchasing an additional 2,721 shares during the last quarter. Finally, Pacer Advisors Inc. grew its holdings in Old National Bancorp by 8.7% during the 2nd quarter. Pacer Advisors Inc. now owns 47,384 shares of the bank’s stock valued at $815,000 after purchasing an additional 3,773 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Price Performance

The company has a market capitalization of $7.55 billion, a P/E ratio of 14.34 and a beta of 0.87. The firm’s fifty day moving average is $22.11 and its 200 day moving average is $20.10. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92.

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.