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

Key Points

• Old National Bancorp declared a quarterly dividend of $0.14, which will be paid to shareholders on September 15th.
• The company's payout ratio is 21.4%, indicating its dividend is well-covered by earnings, with expected future earnings allowing for continued coverage.
• Analysts have raised target prices for Old National Bancorp, with a consensus target of $26.40, suggesting a positive outlook for the stock.

Old National Bancorp (NASDAQ:ONB - Get Free Report) announced a quarterly dividend on Wednesday, August 13th, RTT News reports. Shareholders of record on Friday, September 5th will be paid a dividend of 0.14 per share by the bank on Monday, September 15th. This represents a c) dividend on an annualized basis and a dividend yield of 2.6%.

Old National Bancorp has a payout ratio of 21.4% indicating that 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 Stock Up 1.8%

Shares of NASDAQ:ONB traded up $0.38 during trading hours on Wednesday, reaching $21.82. The stock had a trading volume of 2,710,054 shares, compared to its average volume of 3,235,354. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The firm's 50 day moving average is $21.52 and its 200-day moving average is $21.54. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $8.55 billion, a price-to-earnings ratio of 12.91 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The firm had revenue of $633.41 million for the quarter, compared to the consensus estimate of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. During the same period last year, the firm posted $0.46 EPS. Research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ONB. Barclays raised their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Piper Sandler restated an "overweight" rating and issued a $27.00 target price (up previously from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Royal Bank Of Canada raised their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 23rd. National Bankshares set a $24.00 target price on shares of Old National Bancorp in a report on Tuesday, May 20th. Finally, Truist Financial increased their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.40.

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.

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