Old National Bancorp (NASDAQ:ONB) Shares Cross Below Fifty Day Moving Average – Here’s Why

Old National Bancorp (NASDAQ:ONB) crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $25.22 and traded as low as $24.86. Old National Bancorp shares last traded at $25.09, with a volume of 3,916,438 shares changing hands.

Analyst Ratings Changes

ONB has been the topic of a number of recent research reports. National Bank Financial set a $32.00 target price on Old National Bancorp in a report on Friday, September 11th. Wells Fargo & Company started coverage on shares of Old National Bancorp in a research note on Thursday, September 24th. They set an “overweight” rating and a $30.00 price target for the company. Citigroup lowered their price objective on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, September 22nd. Jefferies Financial Group restated a “hold” rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday, July 22nd. Finally, Royal Bank Of Canada dropped their price objective on shares of Old National Bancorp from $29.00 to $28.00 and set a “sector perform” rating on the stock in a research note on Friday, October 9th. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Old National Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $29.64.

Old National Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $9.49 billion, a P/E ratio of 10.24 and a beta of 0.86. The company’s 50 day moving average price is $25.22 and its 200-day moving average price is $24.61.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, October 21st. The bank reported $0.66 EPS for the quarter, hitting analysts’ consensus estimates of $0.66. Old National Bancorp had a return on equity of 12.02% and a net margin of 23.36%. The company had revenue of $720.39 million for the quarter, compared to analysts’ expectations of $732.04 million. During the same period in the previous year, the business posted $0.59 EPS. Equities analysts forecast that Old National Bancorp will post 2.57 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were issued a $0.1450 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. Old National Bancorp’s dividend payout ratio (DPR) is presently 23.67%.

Institutional Trading of Old National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Valeo Financial Advisors LLC increased its position in shares of Old National Bancorp by 1.9% in the third quarter. Valeo Financial Advisors LLC now owns 27,233 shares of the bank’s stock valued at $671,000 after acquiring an additional 514 shares during the period. Fortitude Family Office LLC grew its holdings in shares of Old National Bancorp by 313.5% during the third quarter. Fortitude Family Office LLC now owns 1,075 shares of the bank’s stock valued at $26,000 after buying an additional 815 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Old National Bancorp by 2.9% in the 3rd quarter. Quadrant Capital Group LLC now owns 32,349 shares of the bank’s stock worth $796,000 after buying an additional 903 shares in the last quarter. Ritholtz Wealth Management raised its stake in Old National Bancorp by 12.0% during the 1st quarter. Ritholtz Wealth Management now owns 10,477 shares of the bank’s stock valued at $232,000 after buying an additional 1,126 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Old National Bancorp by 10.2% during the 3rd quarter. GAMMA Investing LLC now owns 12,191 shares of the bank’s stock valued at $300,000 after purchasing an additional 1,131 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.