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

Old National Bancorp (NASDAQ:ONB) issued its earnings results on Tuesday. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02, Briefing.com reports. Old National Bancorp had a return on equity of 10.98% and a net margin of 18.83%. The firm had revenue of $750.93 million for the quarter, compared to analyst estimates of $474.10 million. During the same quarter in the prior year, the firm earned $0.54 earnings per share.

Old National Bancorp Price Performance

NASDAQ ONB traded up $0.07 during mid-day trading on Thursday, hitting $19.93. The stock had a trading volume of 4,378,637 shares, compared to its average volume of 2,112,233. The firm’s 50 day moving average is $17.22 and its 200 day moving average is $16.80. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $6.36 billion, a price-to-earnings ratio of 10.90 and a beta of 0.84. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $20.38.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio is presently 30.27%.

Insider Transactions at Old National Bancorp

In related news, CEO Chady M. Alahmar sold 17,165 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of the sale, the chief executive officer now owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.07% of the company’s stock.

Wall Street Analyst Weigh In

ONB has been the topic of a number of research reports. Royal Bank of Canada increased their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Wednesday. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Barclays upped their target price on Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Finally, Hovde Group started coverage on Old National Bancorp in a research report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.63.

About Old National Bancorp

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.