Old National Bancorp (NASDAQ:ONB) Announces Quarterly Earnings Results

Old National Bancorp (NASDAQ:ONB) posted its earnings results on Wednesday. The bank reported $0.62 EPS for the quarter, topping the consensus estimate of $0.59 by $0.03, FiscalAI reports. Old National Bancorp had a return on equity of 10.42% and a net margin of 17.39%.The business had revenue of $714.41 million during the quarter, compared to analysts’ expectations of $705.62 million.

Old National Bancorp Stock Performance

Shares of ONB opened at $22.90 on Wednesday. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.80. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of 13.39 and a beta of 0.84. The business has a 50-day simple moving average of $22.34 and a two-hundred day simple moving average of $21.95.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, December 5th were given a dividend of $0.14 per share. The ex-dividend date was Friday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.4%. Old National Bancorp’s payout ratio is 32.75%.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Mendon Capital Advisors Corp grew its stake in Old National Bancorp by 100.0% during the second quarter. Mendon Capital Advisors Corp now owns 150,000 shares of the bank’s stock valued at $3,201,000 after acquiring an additional 75,000 shares in the last quarter. Captrust Financial Advisors boosted its holdings in shares of Old National Bancorp by 1.4% during the 2nd quarter. Captrust Financial Advisors now owns 69,267 shares of the bank’s stock valued at $1,478,000 after purchasing an additional 924 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of Old National Bancorp during the second quarter valued at about $1,442,000. Glenmede Investment Management LP increased its holdings in shares of Old National Bancorp by 1.0% in the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock worth $1,362,000 after purchasing an additional 625 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Old National Bancorp by 6.1% in the second quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank’s stock worth $1,149,000 after buying an additional 3,091 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ONB shares. Barclays set a $29.00 price objective on Old National Bancorp and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Truist Financial cut their price target on shares of Old National Bancorp from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, October 23rd. UBS Group initiated coverage on shares of Old National Bancorp in a report on Monday, December 15th. They issued a “neutral” rating and a $25.00 price objective for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th. Finally, Piper Sandler restated an “overweight” rating and issued a $26.00 price target (down previously from $27.00) on shares of Old National Bancorp in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.18.

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.