Old National Bancorp (NASDAQ:ONB) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Old National Bancorp (NASDAQ:ONB) released its earnings results on Wednesday. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02, FiscalAI reports. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The firm had revenue of $726.86 million for the quarter, compared to the consensus estimate of $716.23 million. During the same period in the prior year, the business posted $0.53 earnings per share.

Old National Bancorp Price Performance

ONB opened at $26.17 on Wednesday. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $27.32. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of 13.49 and a beta of 0.83. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. The company has a fifty day simple moving average of $24.96 and a 200 day simple moving average of $23.96.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 29.90%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods upped their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Truist Financial boosted their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Stephens raised their target price on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Finally, UBS Group started coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They set a “buy” rating and a $32.00 target price on the stock. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.55.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. bought a new stake in shares of Old National Bancorp in the fourth quarter worth $27,000. Los Angeles Capital Management LLC bought a new position in Old National Bancorp during the 4th quarter valued at $36,000. Peterson Wealth Services boosted its stake in Old National Bancorp by 9,711.8% during the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock valued at $37,000 after acquiring an additional 1,651 shares during the last quarter. Parallel Advisors LLC boosted its stake in Old National Bancorp by 41.5% during the 4th quarter. Parallel Advisors LLC now owns 3,566 shares of the bank’s stock valued at $80,000 after acquiring an additional 1,046 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Old National Bancorp by 794.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank’s stock worth $76,000 after acquiring an additional 3,169 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.