Old National Bancorp (NASDAQ:ONB) Posts Earnings Results, Beats Expectations By $0.02 EPS

Old National Bancorp (NASDAQ:ONB) posted its quarterly earnings data on Tuesday. The bank reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02, Briefing.com reports. The business had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a return on equity of 12.04% and a net margin of 22.91%. The business’s revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 earnings per share.

Old National Bancorp Stock Performance

Shares of ONB stock traded down $0.07 during trading hours on Wednesday, reaching $16.40. 225,248 shares of the company’s stock were exchanged, compared to its average volume of 2,167,720. The company has a market cap of $4.81 billion, a P/E ratio of 8.50 and a beta of 0.83. The company’s 50 day moving average is $16.46 and its two-hundred day moving average is $15.90. Old National Bancorp has a 1 year low of $11.66 and a 1 year high of $17.64. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s dividend payout ratio (DPR) is 28.87%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ONB. Stephens lowered their price target on Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Barclays assumed coverage on Old National Bancorp in a research report on Friday, March 8th. They issued an “overweight” rating and a $20.00 target price on the stock. UBS Group reduced their target price on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, January 24th. Finally, StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $18.71.

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.