Old National Bancorp (NASDAQ:ONB) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Shares of Old National Bancorp (NASDAQ:ONB) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $19.62 and traded as high as $21.52. Old National Bancorp shares last traded at $21.47, with a volume of 2,043,943 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research report on Tuesday, November 26th. Royal Bank of Canada increased their price target on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a report on Tuesday, November 26th. Barclays raised their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Keefe, Bruyette & Woods upped their target price on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler reiterated an “overweight” rating and set a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.38.

Old National Bancorp Stock Performance

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 stock has a 50-day moving average price of $21.73 and a 200-day moving average price of $19.62. The firm has a market capitalization of $6.85 billion, a PE ratio of 13.01 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The company had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. Old National Bancorp’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 EPS. On average, research analysts expect that Old National Bancorp will post 1.83 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.61%. Old National Bancorp’s dividend payout ratio (DPR) is 33.94%.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. grew its stake in Old National Bancorp by 147.3% in the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after purchasing an additional 4,303,071 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 12.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after acquiring an additional 1,896,748 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Old National Bancorp by 6,650.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after acquiring an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in Old National Bancorp by 469.7% in the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after purchasing an additional 857,158 shares during the period. Finally, Geode Capital Management LLC increased its stake in Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after purchasing an additional 514,315 shares during the last quarter. 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.