Old National Bancorp (NASDAQ:ONB) Issues Quarterly Earnings Results, Hits Estimates

Old National Bancorp (NASDAQ:ONB) issued its quarterly earnings data on Wednesday. The bank reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66, FiscalAI reports. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%. The company had revenue of $719.50 million for the quarter, compared to analysts’ expectations of $732.04 million.

Old National Bancorp Stock Up 2.3%

Shares of Old National Bancorp stock opened at $25.34 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. The company has a market cap of $9.69 billion, a P/E ratio of 11.26 and a beta of 0.86. The firm’s 50 day moving average price is $25.47 and its 200-day moving average price is $25.06. Old National Bancorp has a 52-week low of $19.60 and a 52-week high of $27.36.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were issued a $0.1450 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a yield of 2.3%. Old National Bancorp’s payout ratio is currently 25.78%.

Insiders Place Their Bets

In other Old National Bancorp news, CEO Chady Alahmar sold 11,771 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the sale, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nicholas Chulos sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total transaction of $533,200.00. Following the completion of the transaction, the insider directly owned 53,544 shares of the company’s stock, valued at $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

ONB has been the subject of a number of recent analyst reports. Piper Sandler started coverage on Old National Bancorp in a report on Thursday, September 17th. They set an “overweight” rating and a $32.00 price objective for the company. Jefferies Financial Group reiterated a “hold” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd. UBS Group began coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a “buy” rating and a $32.00 target price on the stock. Truist Financial lifted their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Citigroup lowered their target price on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, September 22nd. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.79.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.