Old National Bancorp (ONB) to Issue Quarterly Dividend of $0.14 on September 16th

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Wednesday, August 21st, Zacks reports. Shareholders of record on Thursday, September 5th will be given a dividend of 0.14 per share by the bank on Monday, September 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date is Thursday, September 5th.

Old National Bancorp has a dividend payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Old National Bancorp to earn $1.98 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 28.3%.

Old National Bancorp Trading Up 1.1 %

ONB opened at $19.85 on Tuesday. The company has a fifty day moving average price of $18.53 and a two-hundred day moving average price of $17.29. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $20.43. The company has a market cap of $6.33 billion, a P/E ratio of 10.73 and a beta of 0.83. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.96.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. The firm had revenue of $750.93 million during the quarter, compared to analysts’ expectations of $474.10 million. During the same quarter last year, the firm posted $0.54 earnings per share. Analysts predict that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 21st. Royal Bank of Canada boosted their target price on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. Hovde Group initiated coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 price target for the company. Finally, Barclays lifted their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $19.63.

Insiders Place Their Bets

In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the sale, the chief executive officer now owns 50,001 shares of the company’s stock, valued at $795,015.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of the sale, the chief executive officer now directly owns 50,001 shares in the company, valued at $795,015.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kendra L. Vanzo sold 20,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the transaction, the insider now directly owns 117,676 shares in the company, valued at $2,335,868.60. The disclosure for this sale can be found here. Insiders sold a total of 62,165 shares of company stock valued at $1,168,424 over the last 90 days. Insiders own 1.07% of the company’s stock.

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.