Old National Bancorp (NASDAQ:ONB) Posts Earnings Results, Hits Expectations

Old National Bancorp (NASDAQ:ONB) posted its quarterly earnings data on Tuesday. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46, Briefing.com reports. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. The company had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. During the same period last year, the company earned $0.51 earnings per share. The firm’s revenue was up 6.5% compared to the same quarter last year.

Old National Bancorp Stock Performance

ONB stock traded down $0.06 during midday trading on Wednesday, reaching $18.81. 198,787 shares of the company were exchanged, compared to its average volume of 2,009,834. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.93. The business has a 50-day moving average price of $18.82 and a two-hundred day moving average price of $17.83. Old National Bancorp has a one year low of $12.36 and a one year high of $20.43. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of 11.10 and a beta of 0.83.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were given a dividend of $0.14 per share. The ex-dividend date was Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.98%. Old National Bancorp’s dividend payout ratio (DPR) is 32.94%.

Wall Street Analyst Weigh In

ONB has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Barclays boosted their target price on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Finally, Royal Bank of Canada boosted their target price on shares of 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 seven have issued a buy rating to the company. Based on data from MarketBeat, Old National Bancorp has an average rating of “Moderate Buy” and a consensus target price of $19.88.

Insiders Place Their Bets

In related news, insider Kendra L. Vanzo sold 20,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the sale, the insider now owns 117,676 shares of the company’s stock, valued at $2,335,868.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the transaction, the insider now owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total value of $498,500.00. Following the completion of the transaction, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at $5,730,935.46. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.

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.