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

Key Points

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Old National Bancorp (NASDAQ:ONB - Get Free Report) announced its quarterly earnings results on Wednesday. The bank reported $0.66 earnings per share for the quarter, meeting the consensus estimate of $0.66, FiscalAI reports. The business had revenue of $719.50 million during the quarter, compared to analysts' expectations of $732.04 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%.

Old National Bancorp Stock Up 2.3%

Old National Bancorp stock opened at $25.34 on Wednesday. The stock has a market cap of $9.69 billion, a PE ratio of 11.26 and a beta of 0.86. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. Old National Bancorp has a one year low of $19.60 and a one year high of $27.36. The stock has a fifty day moving average of $25.47 and a 200 day moving average of $25.06.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were given a $0.1450 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, September 4th. Old National Bancorp's payout ratio is 25.78%.

Insider Buying and Selling

In other news, CEO Chady Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total transaction of $310,872.11. Following the transaction, the chief executive officer owned 63,531 shares in the company, valued at $1,677,853.71. This trade represents a 15.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nicholas Chulos sold 20,000 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the sale, the insider directly owned 53,544 shares of the company's stock, valued at $1,427,483.04. This represents a 27.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

ONB has been the subject of several research reports. Jefferies Financial Group reissued a "hold" rating and issued a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Piper Sandler started coverage on Old National Bancorp in a research report on Thursday, September 17th. They set an "overweight" rating and a $32.00 price target on the stock. National Bank Financial set a $32.00 price target on Old National Bancorp in a research report on Friday, September 11th. Truist Financial upped their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Old National Bancorp in a report on Tuesday, September 1st. Twelve research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Old National Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.79.

Old National Bancorp Company Profile

Old National Bancorp NASDAQ: ONB is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.

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