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

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Wednesday, November 12th. Investors of record on Friday, December 5th will be given a dividend of 0.14 per share by the bank on Monday, December 15th. This represents a c) annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, December 5th.

Old National Bancorp has raised its dividend payment by an average of 0.0%per year over the last three years. Old National Bancorp has a dividend payout ratio of 21.4% indicating that 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 Price Performance

Shares of Old National Bancorp stock opened at $20.99 on Thursday. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The company has a market cap of $8.20 billion, a P/E ratio of 12.27 and a beta of 0.89. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.85. The stock has a 50-day moving average price of $21.47 and a 200 day moving average price of $21.54.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share for the quarter. Old National Bancorp had a return on equity of 14.95% and a net margin of 17.39%.The company had revenue of $222.80 million for the quarter. As a group, analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ONB shares. Cowen reissued a “hold” rating on shares of Old National Bancorp in a research note on Monday, October 27th. Barclays set a $29.00 target price on Old National Bancorp and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Truist Financial cut their price target on Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. TD Cowen lifted their price target on Old National Bancorp from $25.00 to $26.00 and gave the company a “hold” rating in a report on Monday, October 27th. Finally, Piper Sandler reissued an “overweight” rating and issued a $26.00 price target (down previously from $27.00) on shares of Old National Bancorp in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $26.27.

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.