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

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

Old National Bancorp Trading Up 1.7 %

ONB traded up $0.34 during midday trading on Thursday, reaching $20.20. 2,011,342 shares of the company’s stock traded hands, compared to its average volume of 2,095,562. The firm has a fifty day moving average of $17.22 and a two-hundred day moving average of $16.80. The stock 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 current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a 52 week low of $12.36 and a 52 week high of $20.38.

Old National Bancorp Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. Barclays lifted their price target on Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Royal Bank of Canada boosted their target price on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday. Finally, Hovde Group began coverage on Old National Bancorp in a research note on Monday, June 3rd. They issued an “outperform” rating and a $20.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.63.

Insider Buying and Selling at Old National Bancorp

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 transaction of $272,923.50. Following the completion of the transaction, the chief executive officer now owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.07% of the stock is currently owned by corporate insiders.

Old National Bancorp Company Profile

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.