Old National Bancorp Announces Quarterly Dividend of $0.14 (NASDAQ:ONB)

Old National Bancorp (NASDAQ:ONB) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Wednesday, March 5th will be paid a dividend of 0.14 per share by the bank on Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Wednesday, March 5th.

Old National Bancorp has a dividend payout ratio of 21.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Old National Bancorp to earn $2.60 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 21.5%.

Old National Bancorp Stock Performance

Shares of ONB stock traded down $0.33 during mid-day trading on Thursday, hitting $23.97. The stock had a trading volume of 2,155,476 shares, compared to its average volume of 3,306,345. Old National Bancorp has a fifty-two week low of $15.38 and a fifty-two week high of $24.49. The firm has a market cap of $7.65 billion, a PE ratio of 14.27 and a beta of 0.88. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.93 and a quick ratio of 0.92. The company’s 50-day simple moving average is $22.68 and its 200-day simple moving average is $20.79.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period in the previous year, the firm posted $0.46 earnings per share. Sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Wall Street Analyst Weigh In

ONB has been the subject of several recent analyst reports. Stephens restated an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, January 22nd. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Raymond James reiterated a “strong-buy” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.29.

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.