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

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Wednesday, August 12th. Stockholders of record on Saturday, September 5th will be given a dividend of 0.145 per share by the bank on Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th.

Old National Bancorp has a dividend payout ratio of 22.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Old National Bancorp to earn $2.85 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 20.4%.

Old National Bancorp Stock Up 0.9%

ONB stock opened at $27.08 on Thursday. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.36. The company’s 50 day simple moving average is $25.91 and its 200-day simple moving average is $24.36. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $10.36 billion, a P/E ratio of 12.04 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same quarter in the prior year, the firm earned $0.53 EPS. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. As a group, equities research analysts anticipate that Old National Bancorp will post 2.6 EPS for the current year.

Insider Activity at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the sale, the chief executive officer owned 63,531 shares in the company, valued at $1,677,853.71. This represents a 15.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the completion of the sale, the insider owned 53,544 shares of the company’s stock, valued at approximately $1,427,483.04. The trade was a 27.19% decrease in their position. The SEC filing for this sale provides additional information. 0.72% of the stock is currently owned by corporate insiders.

Institutional Trading of Old National Bancorp

A number of institutional investors have recently bought and sold shares of ONB. Carlson Capital L.P. boosted its position in shares of Old National Bancorp by 1.1% during the fourth quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock worth $848,000 after buying an additional 400 shares during the period. Glenmede Investment Management LP grew its holdings in shares of Old National Bancorp by 1.0% during the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock worth $1,362,000 after buying an additional 625 shares in the last quarter. Teza Capital Management LLC raised its position in Old National Bancorp by 6.8% in the 2nd quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock valued at $235,000 after buying an additional 702 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in Old National Bancorp by 4.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 16,863 shares of the bank’s stock valued at $376,000 after buying an additional 703 shares during the last quarter. Finally, HB Wealth Management LLC lifted its stake in Old National Bancorp by 5.9% in the 4th quarter. HB Wealth Management LLC now owns 13,147 shares of the bank’s stock valued at $293,000 after acquiring an additional 730 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.