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

Old National Bancorp (NASDAQ:ONB) issued its earnings results on Tuesday. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46, Briefing.com reports. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. The company had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. During the same quarter last year, the company earned $0.51 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis.

Old National Bancorp Price Performance

NASDAQ ONB opened at $18.91 on Thursday. The company has a market cap of $6.03 billion, a PE ratio of 11.12 and a beta of 0.83. The firm’s 50 day moving average price is $18.84 and its 200-day moving average price is $17.83. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94. Old National Bancorp has a 52-week low of $12.36 and a 52-week high of $20.43.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 32.94%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Barclays increased their price objective on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Royal Bank of Canada lifted their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Finally, StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.88.

About Old National Bancorp

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.