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

Old National Bancorp (NASDAQ:ONB) announced its earnings results on Tuesday. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business’s revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS.

Old National Bancorp Stock Down 1.6 %

NASDAQ ONB traded down $0.27 on Thursday, hitting $16.32. 394,921 shares of the stock were exchanged, compared to its average volume of 2,171,350. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. Old National Bancorp has a fifty-two week low of $11.66 and a fifty-two week high of $17.64. The company has a market cap of $4.79 billion, a PE ratio of 8.97 and a beta of 0.83. The company has a 50-day moving average price of $16.46 and a 200-day moving average price of $15.90.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend was Monday, March 4th. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Barclays upped their target price on shares of Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price target on shares of Old National Bancorp in a report on Tuesday, April 9th. UBS Group decreased their price target 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. Stephens reduced 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. Finally, StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus target price 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.