Old National Bancorp (NASDAQ:ONB) Shares to Pay Quarterly Dividend of $0.14

Old National Bancorp (NASDAQ:ONB) announced a quarterly dividend on Thursday, November 12th. Shareholders of record on Saturday, December 5th will be given a dividend of $0.1450 per share by the bank on Tuesday, December 15th. This represents a $0.58 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, December 4th.

Old National Bancorp has a dividend payout ratio of 22.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Old National Bancorp to earn $2.83 per share next year, which means the company should continue to be able to cover its $0.58 annual dividend with an expected future payout ratio of 20.5%.

Old National Bancorp Trading Down 1.3%

Shares of ONB opened at $24.94 on Friday. Old National Bancorp has a 1-year low of $19.60 and a 1-year high of $27.36. The company has a 50-day moving average of $25.15 and a 200 day moving average of $24.69. The firm has a market capitalization of $9.43 billion, a price-to-earnings ratio of 10.18 and a beta of 0.88. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.93 and a quick ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66. The firm had revenue of $719.00 million during the quarter, compared to analysts’ expectations of $732.04 million. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. During the same quarter in the prior year, the company earned $0.59 EPS. On average, research analysts expect that Old National Bancorp will post 2.57 EPS for the current year.

Wall Street Analyst Weigh In

ONB has been the topic of a number of research reports. Weiss Ratings raised Old National Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, October 26th. National Bank Financial set a $32.00 price objective on Old National Bancorp in a research note on Friday, September 11th. TD Cowen decreased their price objective on Old National Bancorp from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Royal Bank Of Canada lowered their target price on Old National Bancorp from $29.00 to $28.00 and set a “sector perform” rating on the stock in a research note on Friday, October 9th. Finally, Wells Fargo & Company dropped their target price on Old National Bancorp from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Monday. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $29.57.

About Old National Bancorp

Old National Bancorp is a regional bank holding company headquartered in Evansville, Indiana. Founded in 1834, it operates primarily through Old National Bank, serving individuals, businesses and organizations across the Midwest. The company offers consumer and commercial banking services, including checking and savings accounts, loans, mortgages, treasury management and digital banking. It also provides wealth management and trust services, as well as solutions for businesses and institutional clients.