Old National Bancorp (ONB) to Issue Quarterly Dividend of $0.15 on June 15th

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Wednesday, May 13th. Stockholders of record on Friday, June 5th will be given a dividend of 0.145 per share by the bank on Monday, June 15th. This represents a c) annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, June 5th.

Old National Bancorp has a dividend payout ratio of 22.1% meaning its dividend is sufficiently covered by earnings. Research 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 Performance

NASDAQ ONB opened at $23.59 on Friday. The company has a market cap of $9.11 billion, a PE ratio of 12.16 and a beta of 0.85. The stock’s 50 day simple moving average is $22.87 and its 200-day simple moving average is $22.85. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $26.17. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The business had revenue of $702.70 million for the quarter, compared to the consensus estimate of $706.62 million. During the same quarter last year, the business posted $0.45 earnings per share. The business’s quarterly revenue was up 44.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on ONB shares. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Barclays increased their price target on Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday, April 7th. Stephens increased their price target on Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. National Bank Financial set a $30.00 price target on Old National Bancorp in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada increased their price target on Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a report on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.91.

Old National Bancorp Company Profile

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.