Old National Bancorp to Issue Quarterly Dividend of $0.15 (NASDAQ:ONB)

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Thursday, February 19th. Shareholders of record on Tuesday, May 5th will be given a dividend of 0.145 per share by the bank on Saturday, May 16th. This represents a c) annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, May 5th.

Old National Bancorp has a dividend payout ratio of 21.4% meaning its dividend is sufficiently covered by earnings. 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 Down 0.1%

Shares of ONB stock traded down $0.02 during trading hours on Friday, reaching $24.88. 896,489 shares of the company’s stock were exchanged, compared to its average volume of 2,904,073. The stock’s 50 day moving average is $23.74 and its 200-day moving average is $22.33. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $26.17. The company has a market cap of $9.72 billion, a price-to-earnings ratio of 13.89 and a beta of 0.84. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.80.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.03. The business had revenue of $698.53 million during the quarter, compared to the consensus estimate 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 quarter last year, the company earned $0.49 earnings per share. Analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Truist Financial raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Royal Bank Of Canada lifted their target price on Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a report on Thursday, January 22nd. Stephens upped their target price on Old National Bancorp from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday, January 22nd. National Bank Financial set a $30.00 price target on shares of Old National Bancorp in a research report on Thursday, January 22nd. Finally, TD Cowen raised shares of Old National Bancorp from a “hold” rating to a “buy” rating and upped their price objective for the company from $27.00 to $30.00 in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.