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

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

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $16.59 on Thursday. The firm has a market capitalization of $4.87 billion, a P/E ratio of 8.97 and a beta of 0.83. Old National Bancorp has a 52 week low of $11.66 and a 52 week high of $17.64. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. The firm’s 50 day moving average is $16.46 and its two-hundred day moving average is $15.90.

Old National Bancorp Announces Dividend

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

Wall Street Analyst Weigh In

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