Old National Bancorp (NASDAQ:ONB) Releases Quarterly Earnings Results, Hits Estimates

Old National Bancorp (NASDAQ:ONB) announced its quarterly earnings results on Tuesday. The bank reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46, Briefing.com reports. Old National Bancorp had a net margin of 17.93% and a return on equity of 14.38%. The firm had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. During the same quarter in the previous year, the company posted $0.51 EPS. The company’s revenue was up 6.5% compared to the same quarter last year.

Old National Bancorp Trading Up 0.3 %

ONB opened at $18.96 on Friday. Old National Bancorp has a 52 week low of $13.06 and a 52 week high of $20.43. The company has a quick ratio of 0.93, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The business has a fifty day simple moving average of $18.85 and a 200-day simple moving average of $17.84. The firm has a market cap of $6.05 billion, a P/E ratio of 11.49 and a beta of 0.83.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s payout ratio is 33.94%.

Analyst Ratings Changes

A number of brokerages have commented on ONB. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Royal Bank of Canada lifted their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Finally, Barclays increased their price objective on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.88.

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.