Old National Bancorp (NASDAQ:ONB) to Issue $0.14 Quarterly Dividend

Old National Bancorp (NASDAQ:ONB) announced a quarterly dividend on Wednesday, August 12th. Investors of record on Saturday, September 5th will be given a dividend of 0.145 per share by the bank on Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th.

Old National Bancorp has a dividend payout ratio of 22.1% indicating that 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

Shares of Old National Bancorp stock opened at $27.08 on Thursday. Old National Bancorp has a one year low of $19.39 and a one year high of $27.36. The company has a market cap of $10.36 billion, a price-to-earnings ratio of 12.04 and a beta of 0.84. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. The business’s 50 day moving average price is $25.91 and its 200 day moving average price is $24.36.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The company had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. During the same quarter in the previous year, the company posted $0.53 earnings per share. The firm’s revenue for the quarter was up 13.2% compared to the same quarter last year. On average, research analysts predict that Old National Bancorp will post 2.6 EPS for the current year.

Wall Street Analysts Forecast Growth

ONB has been the topic of several recent research reports. Stephens boosted their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. UBS Group started coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price objective for the company. TD Cowen lifted their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Finally, Barclays boosted their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $29.36.

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.