Old National Bancorp (ONB) To Go Ex-Dividend on June 5th

Old National Bancorp (NASDAQ:ONB) announced a quarterly dividend on Wednesday, May 14th, RTT News reports. Shareholders of record on Thursday, June 5th will be paid a dividend of 0.14 per share by the bank on Monday, June 16th. This represents a $0.56 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Thursday, June 5th.

Old National Bancorp has a payout ratio of 21.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Old National Bancorp to earn $2.60 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 21.5%.

Old National Bancorp Trading Down 1.1%

Shares of NASDAQ:ONB opened at $22.32 on Friday. The stock has a 50 day moving average of $20.50 and a 200 day moving average of $21.73. The company has a market cap of $7.14 billion, a PE ratio of 13.29 and a beta of 0.85. Old National Bancorp has a 12-month low of $15.60 and a 12-month high of $24.49. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The business had revenue of $486.87 million during the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. As a group, equities research analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Citigroup decreased their price target on Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Raymond James decreased their target price on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, April 2nd. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, April 23rd. Truist Financial initiated coverage on shares of Old National Bancorp in a research report on Tuesday. They set a “buy” rating and a $26.00 price objective on the stock. Finally, Stephens reaffirmed an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a research note on Monday, April 14th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Buy” and a consensus target price of $25.67.

Hedge Funds Weigh In On Old National Bancorp

An institutional investor recently raised its position in Old National Bancorp stock. Royal Bank of Canada boosted its stake in shares of Old National Bancorp (NASDAQ:ONB) by 2.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 214,065 shares of the bank’s stock after acquiring an additional 4,153 shares during the quarter. Royal Bank of Canada owned about 0.07% of Old National Bancorp worth $4,536,000 as of its most recent SEC filing. 83.66% of the stock is currently owned by institutional investors.

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.