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

Old National Bancorp (NASDAQ:ONB) released its quarterly earnings results on Tuesday. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02, Briefing.com reports. Old National Bancorp had a return on equity of 12.04% and a net margin of 22.91%. The business had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. During the same quarter in the prior year, the business earned $0.54 earnings per share. The company’s quarterly revenue was down 3.8% compared to the same quarter last year.

Old National Bancorp Stock Down 0.5 %

Shares of NASDAQ:ONB traded down $0.09 during mid-day trading on Wednesday, hitting $16.38. 331,278 shares of the company traded hands, compared to its average volume of 2,169,113. The firm has a market cap of $4.81 billion, a P/E ratio of 8.50 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52-week low of $11.66 and a 52-week high of $17.64. The firm’s 50 day simple moving average is $16.46 and its 200 day simple moving average is $15.90.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were issued a dividend of $0.14 per share. The ex-dividend date was Monday, March 4th. This represents a $0.56 annualized dividend and a dividend yield of 3.42%. Old National Bancorp’s payout ratio is currently 28.87%.

Analysts Set New Price Targets

ONB has been the subject of several research analyst reports. Barclays assumed coverage on Old National Bancorp in a research report on Friday, March 8th. They issued an “overweight” rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $20.00 price target on shares of Old National Bancorp in a research report on Tuesday, April 2nd. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, December 27th. UBS Group dropped their price target on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.71.

Old National Bancorp Company Profile

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.