Old National Bancorp (NASDAQ:ONB) Announces Quarterly Earnings Results

Old National Bancorp (NASDAQ:ONB) announced its quarterly earnings results on Wednesday. The bank reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03, FiscalAI reports. The firm had revenue of $714.41 million for the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a return on equity of 10.42% and a net margin of 17.39%.

Old National Bancorp Price Performance

ONB stock opened at $22.90 on Wednesday. The firm has a market cap of $8.95 billion, a price-to-earnings ratio of 13.39 and a beta of 0.84. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.80. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The company’s fifty day simple moving average is $22.34 and its 200 day simple moving average is $21.95.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, December 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Friday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 32.75%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ONB. EverSource Wealth Advisors LLC boosted its position in shares of Old National Bancorp by 794.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank’s stock valued at $76,000 after purchasing an additional 3,169 shares in the last quarter. Headlands Technologies LLC bought a new stake in Old National Bancorp in the second quarter worth approximately $190,000. B. Riley Wealth Advisors Inc. acquired a new position in Old National Bancorp in the second quarter valued at approximately $208,000. Teza Capital Management LLC boosted its holdings in shares of Old National Bancorp by 6.8% during the 2nd quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock worth $235,000 after buying an additional 702 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Old National Bancorp by 87.8% during the 1st quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock worth $269,000 after buying an additional 5,936 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ONB shares. TD Cowen raised their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a “hold” rating in a report on Wednesday, January 7th. Barclays set a $29.00 price target on shares of Old National Bancorp and gave the company an “overweight” rating in a research report on Wednesday, October 8th. UBS Group initiated coverage on shares of Old National Bancorp in a report on Monday, December 15th. They set a “neutral” rating and a $25.00 price target on the stock. Cowen reissued a “hold” rating on shares of Old National Bancorp in a research note on Wednesday, January 7th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $25.00 price objective on shares of Old National Bancorp in a report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.18.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.