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

Old National Bancorp (NASDAQ:ONB) announced a quarterly dividend on Wednesday, May 14th, RTT News reports. Shareholders of record on Thursday, June 5th will be paid a dividend of 0.14 per share by the bank on Monday, June 16th. This represents a $0.56 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Thursday, June 5th.

Old National Bancorp has a payout ratio of 21.4% meaning its dividend is sufficiently covered by earnings. 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 Trading Down 1.1%

ONB opened at $22.32 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. The stock’s 50 day moving average price is $20.50 and its 200-day moving average price is $21.73. Old National Bancorp has a one year low of $15.60 and a one year high of $24.49. The stock has a market cap of $7.14 billion, a price-to-earnings ratio of 13.29 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The business had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. On average, equities analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Old National Bancorp stock. Royal Bank of Canada grew its stake in shares of Old National Bancorp (NASDAQ:ONB) by 2.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,065 shares of the bank’s stock after acquiring an additional 4,153 shares during the quarter. Royal Bank of Canada owned about 0.07% of Old National Bancorp worth $4,536,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

ONB has been the subject of several research reports. Royal Bank of Canada lowered their price objective on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Truist Financial assumed coverage on Old National Bancorp in a research note on Tuesday. They issued a “buy” rating and a $26.00 price objective on the stock. Barclays lowered their target price on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, April 23rd. Finally, Citigroup cut their target price on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $25.67.

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.