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

Old National Bancorp (NASDAQ:ONB) announced a quarterly dividend on Wednesday, November 15th, Zacks reports. Stockholders of record on Friday, December 1st will be paid a dividend of 0.14 per share by the bank on Friday, December 15th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend is Thursday, November 30th.

Old National Bancorp has increased its dividend payment by an average of 2.5% per year over the last three years. Old National Bancorp has a payout ratio of 30.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Old National Bancorp to earn $1.84 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 30.4%.

Old National Bancorp Trading Down 0.7 %

ONB opened at $14.91 on Friday. The stock has a market capitalization of $4.36 billion, a PE ratio of 6.87 and a beta of 0.87. Old National Bancorp has a one year low of $11.66 and a one year high of $19.38. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.89 and a current ratio of 0.90. The business’s 50 day moving average price is $14.37 and its 200 day moving average price is $14.43.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, October 24th. The bank reported $0.51 EPS for the quarter, beating the consensus estimate of $0.49 by $0.02. The business had revenue of $461.86 million for the quarter, compared to analyst estimates of $451.40 million. Old National Bancorp had a return on equity of 12.89% and a net margin of 26.29%. As a group, equities research analysts expect that Old National Bancorp will post 2.07 EPS for the current year.

Institutional Trading of Old National Bancorp

Large investors have recently modified their holdings of the stock. Money Concepts Capital Corp acquired a new position in Old National Bancorp during the 4th quarter worth $39,000. Lazard Asset Management LLC acquired a new position in shares of Old National Bancorp during the second quarter worth about $32,000. Coppell Advisory Solutions Corp. purchased a new stake in shares of Old National Bancorp during the fourth quarter worth approximately $47,000. Quarry LP raised its holdings in Old National Bancorp by 115.1% in the first quarter. Quarry LP now owns 2,925 shares of the bank’s stock valued at $42,000 after acquiring an additional 1,565 shares in the last quarter. Finally, Chilton Capital Management LLC purchased a new position in Old National Bancorp in the first quarter worth approximately $82,000. Hedge funds and other institutional investors own 81.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. TheStreet raised shares of Old National Bancorp from a “c+” rating to a “b” rating in a research note on Friday, August 25th. Piper Sandler cut their target price on Old National Bancorp from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, October 27th. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Royal Bank of Canada dropped their price objective on Old National Bancorp from $17.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 25th. Finally, Stephens increased their target price on Old National Bancorp from $17.00 to $18.00 in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and an average price target of $16.90.

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.