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

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

Old National Bancorp Price Performance

Old National Bancorp stock opened at $16.42 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.95. Old National Bancorp has a 12 month low of $11.66 and a 12 month high of $17.64. The stock has a 50-day moving average price of $16.46 and a two-hundred day moving average price of $15.90. The company has a market capitalization of $4.82 billion, a PE ratio of 8.97 and a beta of 0.83.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s dividend payout ratio is 30.27%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Stephens decreased their price target on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Finally, UBS Group cut their price target on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.86.

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.