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

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Shareholders of record on Wednesday, March 5th will be given a dividend of 0.14 per share by the bank on Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Wednesday, March 5th.

Old National Bancorp has a dividend payout ratio of 21.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Old National Bancorp to earn $2.60 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 21.5%.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $23.97 on Friday. The stock’s fifty day moving average is $22.71 and its two-hundred day moving average is $20.81. The firm has a market capitalization of $7.65 billion, a P/E ratio of 14.27 and a beta of 0.88. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93. Old National Bancorp has a fifty-two week low of $15.38 and a fifty-two week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same quarter last year, the company earned $0.46 EPS. On average, research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

ONB has been the topic of a number of research analyst reports. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Barclays lifted their target price on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Piper Sandler restated an “overweight” rating and issued a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Raymond James restated a “strong-buy” rating and issued a $29.00 target price (up previously from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $26.29.

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.