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

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Shareholders of record on Thursday, December 5th will be given a dividend of 0.14 per share by the bank on Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Thursday, December 5th.

Old National Bancorp has a payout ratio of 28.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Old National Bancorp to earn $1.94 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 28.9%.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock traded down $0.57 on Friday, reaching $21.23. 4,157,191 shares of the company were exchanged, compared to its average volume of 2,070,521. Old National Bancorp has a 1-year low of $14.32 and a 1-year high of $22.75. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of 13.21 and a beta of 0.82. The company’s 50-day moving average is $19.23 and its two-hundred day moving average is $18.29. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.51 EPS. As a group, research analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the company. Royal Bank of Canada raised their target price on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Barclays lifted their target price on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Finally, StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

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.