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

Old National Bancorp (NASDAQ:ONB) released its earnings results on Tuesday. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02, Briefing.com reports. The firm had revenue of $440.20 million for the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 16.06%. The company’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 earnings per share.

Old National Bancorp Price Performance

ONB stock opened at $16.59 on Thursday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52 week low of $11.66 and a 52 week high of $17.64. The firm’s fifty day moving average is $16.46 and its 200 day moving average is $15.90. The firm has a market cap of $4.87 billion, a P/E ratio of 8.97 and a beta of 0.83.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s payout ratio is 30.27%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ONB. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. UBS Group dropped their target price on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, January 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. Stephens dropped their target price on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Finally, Barclays boosted their target price on shares of Old National Bancorp from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.86.

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.