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

Old National Bancorp (NASDAQ:ONB) issued its earnings results on Tuesday. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.44 by $0.02, Briefing.com reports. The company had revenue of $750.93 million during the quarter, compared to analysts’ expectations of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.98%. During the same quarter in the previous year, the company posted $0.54 EPS.

Old National Bancorp Stock Up 1.7 %

NASDAQ ONB traded up $0.34 on Thursday, reaching $20.20. The company had a trading volume of 2,011,342 shares, compared to its average volume of 2,095,562. The firm has a market capitalization of $6.44 billion, a price-to-earnings ratio of 10.90 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $20.38. The company’s fifty day moving average is $17.22 and its 200-day moving average is $16.80.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s payout ratio is presently 30.27%.

Insider Buying and Selling

In related news, CEO Chady M. Alahmar sold 17,165 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the transaction, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ONB. Hovde Group began coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price for the company. Barclays boosted their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Royal Bank of Canada boosted 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. One 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.63.

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.