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

Old National Bancorp (NASDAQ:ONB) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Wednesday, March 5th will be paid a dividend of 0.14 per share by the bank on Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Wednesday, March 5th.

Old National Bancorp has a dividend payout ratio of 21.2% indicating that its dividend is sufficiently covered by earnings. Equities research 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

ONB traded down $0.33 during midday trading on Thursday, hitting $23.97. 2,155,476 shares of the company traded hands, compared to its average volume of 3,306,345. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 14.27 and a beta of 0.88. Old National Bancorp has a 52-week low of $15.38 and a 52-week high of $24.49. The business has a 50 day simple moving average of $22.68 and a two-hundred day simple moving average of $20.79.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period in the prior year, the company earned $0.46 EPS. On average, equities analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ONB shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Piper Sandler reiterated an “overweight” rating and set a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Raymond James reiterated a “strong-buy” rating and set a $29.00 price target (up from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Barclays lifted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $26.29.

Old National Bancorp Company Profile

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.