Old National Bancorp (NASDAQ:ONB) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Posted by admin on Jan 25th, 2023

Old National Bancorp (NASDAQ:ONB – Get Rating) issued its quarterly earnings results on Tuesday. The bank reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.01), Briefing.com reports. The business had revenue of $622.86 million for the quarter, compared to the consensus estimate of $471.30 million. Old National Bancorp had a return on equity of 10.06% and a net margin of 19.71%. During the same period in the prior year, the business earned $0.34 earnings per share.

Old National Bancorp Stock Performance

ONB stock traded up $0.14 during midday trading on Wednesday, reaching $17.17. 260,610 shares of the company were exchanged, compared to its average volume of 1,585,226. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50-day moving average price of $18.14 and a two-hundred day moving average price of $17.69. Old National Bancorp has a one year low of $14.22 and a one year high of $20.19. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of 16.07 and a beta of 0.85.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Investors of record on Thursday, December 1st were paid a $0.14 dividend. The ex-dividend date was Wednesday, November 30th. This represents a $0.56 annualized dividend and a dividend yield of 3.26%. Old National Bancorp’s dividend payout ratio is presently 52.83%.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LPL Financial LLC boosted its position in Old National Bancorp by 2.0% during the second quarter. LPL Financial LLC now owns 109,343 shares of the bank’s stock worth $1,617,000 after purchasing an additional 2,169 shares during the period. Covestor Ltd boosted its position in Old National Bancorp by 71.0% during the first quarter. Covestor Ltd now owns 8,365 shares of the bank’s stock worth $137,000 after purchasing an additional 3,474 shares during the period. Envestnet Asset Management Inc. boosted its position in Old National Bancorp by 4.3% during the third quarter. Envestnet Asset Management Inc. now owns 86,038 shares of the bank’s stock worth $1,417,000 after purchasing an additional 3,519 shares during the period. Cetera Advisor Networks LLC boosted its position in Old National Bancorp by 34.5% during the first quarter. Cetera Advisor Networks LLC now owns 14,433 shares of the bank’s stock worth $236,000 after purchasing an additional 3,701 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in Old National Bancorp by 16.0% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 36,494 shares of the bank’s stock worth $598,000 after purchasing an additional 5,032 shares during the period. 76.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ONB shares. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 11th. Royal Bank of Canada raised their target price on shares of Old National Bancorp from $20.00 to $21.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Hold” and a consensus target price of $21.67.

About Old National Bancorp

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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, letters of credit, and lease financing.