Old National Bancorp (NASDAQ:ONB) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Old National Bancorp (NASDAQ:ONB) released its quarterly earnings results on Tuesday. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.02, Briefing.com reports. The company had revenue of $440.20 million for the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a return on equity of 12.04% and a net margin of 22.91%. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 earnings per share.

Old National Bancorp Price Performance

Shares of ONB opened at $16.48 on Wednesday. Old National Bancorp has a 52-week low of $11.66 and a 52-week high of $17.64. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.92 and a current ratio of 0.92. The business’s 50 day moving average price is $16.46 and its two-hundred day moving average price is $15.90. The firm has a market cap of $4.83 billion, a PE ratio of 8.49 and a beta of 0.83.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Monday, March 4th. Old National Bancorp’s dividend payout ratio (DPR) is presently 28.87%.

Analyst Upgrades and Downgrades

ONB has been the topic of several research reports. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price target on shares of Old National Bancorp in a report on Tuesday, April 9th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. Barclays initiated coverage on Old National Bancorp in a report on Friday, March 8th. They set an “overweight” rating and a $20.00 price target on the stock. UBS Group reduced their price target on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Finally, Stephens reduced their target price on Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.71.

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.