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

Old National Bancorp (NASDAQ:ONB) issued its quarterly earnings data on Tuesday. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02, Briefing.com reports. The business had revenue of $440.20 million during the quarter, compared to analyst estimates of $440.00 million. Old National Bancorp had a net margin of 22.91% and a return on equity of 12.04%. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the business earned $0.54 EPS.

Old National Bancorp Stock Down 0.5 %

ONB stock traded down $0.09 during midday trading on Wednesday, hitting $16.38. The stock had a trading volume of 331,278 shares, compared to its average volume of 2,169,113. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of 8.50 and a beta of 0.83. The business has a 50-day moving average of $16.46 and a two-hundred day moving average of $15.90. Old National Bancorp has a 52-week low of $11.66 and a 52-week high of $17.64. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were paid a dividend of $0.14 per share. The ex-dividend date was Monday, March 4th. This represents a $0.56 annualized dividend and a dividend yield of 3.42%. Old National Bancorp’s dividend payout ratio (DPR) is presently 28.87%.

Analyst Upgrades and Downgrades

ONB has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Stephens decreased their target price on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Barclays started coverage on Old National Bancorp in a report on Friday, March 8th. They issued an “overweight” rating and a $20.00 target price on the stock. UBS Group cut their target price on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Finally, StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

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.