Old National Bancorp (NASDAQ:ONB) to Issue Quarterly Dividend of $0.14

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Stockholders of record on Thursday, December 5th will be paid a dividend of 0.14 per share by the bank on Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Thursday, December 5th.

Old National Bancorp has a payout ratio of 27.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Old National Bancorp to earn $2.03 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 27.6%.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $22.99 on Tuesday. The stock has a fifty day simple moving average of $19.95 and a two-hundred day simple moving average of $18.68. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 1-year low of $15.36 and a 1-year high of $23.76. The firm has a market cap of $7.33 billion, a price-to-earnings ratio of 13.93 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.51 EPS. Analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ONB. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research note on Tuesday, November 26th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday. Barclays upped their price target on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Royal Bank of Canada boosted their target price on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler reissued an “overweight” rating and set a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

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.