Old National Bancorp (ONB) to Issue Quarterly Dividend of $0.15 on March 16th

Old National Bancorp (NASDAQ:ONB) announced a quarterly dividend on Thursday, February 19th. Shareholders of record on Thursday, March 5th will be given a dividend of 0.145 per share by the bank on Monday, March 16th. This represents a c) dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Thursday, March 5th. This is a 3.6% increase from Old National Bancorp’s previous quarterly dividend of $0.14.

Old National Bancorp has a dividend payout ratio of 21.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Old National Bancorp to earn $2.60 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 21.5%.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $25.20 on Friday. The firm has a 50 day moving average of $23.79 and a two-hundred day moving average of $22.36. The stock has a market capitalization of $9.85 billion, a PE ratio of 14.08 and a beta of 0.84. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.80. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $26.17.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.03. The business had revenue of $698.53 million for the quarter, compared to analysts’ expectations of $705.62 million. Old National Bancorp had a return on equity of 15.06% and a net margin of 17.91%.During the same period last year, the firm earned $0.49 earnings per share. On average, research analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ONB has been the subject of several recent research reports. Truist Financial lifted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, January 26th. UBS Group reaffirmed a “neutral” rating and issued a $26.00 target price on shares of Old National Bancorp in a report on Wednesday, February 4th. National Bank Financial set a $30.00 price target on shares of Old National Bancorp in a research note on Thursday, January 22nd. Stephens boosted their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, January 22nd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.36.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.