Old National Bancorp (ONB) to Issue Quarterly Dividend of $0.14 on December 16th

Old National Bancorp (NASDAQ:ONB) announced a quarterly dividend on Wednesday, November 13th,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 of this dividend is Thursday, December 5th.

Old National Bancorp has a payout ratio of 28.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

ONB stock traded down $0.57 during midday trading on Friday, hitting $21.23. The company’s stock had a trading volume of 4,157,191 shares, compared to its average volume of 2,070,521. Old National Bancorp has a 12 month low of $14.32 and a 12 month high of $22.75. The company has a 50 day moving average of $19.23 and a two-hundred day moving average of $18.29. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of 13.21 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same period in the prior year, the company posted $0.51 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, analysts expect that Old National Bancorp will post 1.84 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ONB shares. Royal Bank of Canada raised their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Finally, Barclays boosted 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 investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.43.

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.