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

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Shareholders of record on Thursday, December 5th will be given a dividend of 0.14 per share by the bank on Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Thursday, December 5th.

Old National Bancorp has a dividend payout ratio of 28.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Old National Bancorp to earn $1.94 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 28.9%.

Old National Bancorp Stock Performance

ONB stock traded down $0.57 on Friday, reaching $21.23. 3,639,489 shares of the company were exchanged, compared to its average volume of 2,068,189. The stock’s fifty day moving average price is $19.23 and its 200 day moving average price is $18.29. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $6.77 billion, a PE ratio of 13.21 and a beta of 0.82. Old National Bancorp has a 12 month low of $14.32 and a 12 month high of $22.75.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the previous year, the firm earned $0.51 EPS. Old National Bancorp’s quarterly revenue was up 6.5% on a year-over-year basis. On average, research analysts anticipate that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Barclays upped their price objective on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Finally, Royal Bank of Canada raised their target price on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

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.