Old National Bancorp (NASDAQ:ONB) Posts Quarterly Earnings Results, Hits Estimates

Old National Bancorp (NASDAQ:ONB) posted its quarterly earnings results on Wednesday. The bank reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66, FiscalAI reports. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%. The company had revenue of $719.50 million during the quarter, compared to the consensus estimate of $732.04 million. During the same quarter in the prior year, the company earned $0.59 EPS.

Old National Bancorp Stock Up 2.3%

Shares of NASDAQ ONB opened at $25.34 on Wednesday. The business has a 50-day simple moving average of $25.47 and a two-hundred day simple moving average of $25.06. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. Old National Bancorp has a 52 week low of $19.60 and a 52 week high of $27.36. The company has a market cap of $9.69 billion, a P/E ratio of 11.26 and a beta of 0.86.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were paid a $0.1450 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.58 annualized dividend and a yield of 2.3%. Old National Bancorp’s dividend payout ratio (DPR) is currently 25.78%.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CEO Chady Alahmar sold 11,771 shares of the firm’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the transaction, the chief executive officer directly owned 63,531 shares of the company’s stock, valued at $1,677,853.71. This trade represents a 15.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicholas Chulos sold 20,000 shares of Old National Bancorp stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the sale, the insider directly owned 53,544 shares of the company’s stock, valued at $1,427,483.04. This represents a 27.19% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ONB shares. Truist Financial boosted their price objective on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. National Bank Financial set a $32.00 target price on shares of Old National Bancorp in a research report on Friday, September 11th. Piper Sandler assumed coverage on shares of Old National Bancorp in a research report on Thursday, September 17th. They set an “overweight” rating and a $32.00 target price for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research note on Tuesday, September 1st. Finally, Raymond James Financial raised shares of Old National Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 price target on the stock in a research report on Tuesday, October 6th. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $29.79.

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.