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

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) declared a quarterly dividend on Wednesday, August 13th, RTT News reports. Investors of record on Friday, September 5th will be given a dividend of 0.14 per share by the bank on Monday, September 15th. This represents a c) annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 5th.

Old National Bancorp has a dividend payout ratio of 21.4% indicating that its dividend is sufficiently covered by earnings. Research 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 Performance

Shares of ONB traded down $0.02 during trading hours on Monday, reaching $21.31. 224,859 shares of the company traded hands, compared to its average volume of 3,201,467. The stock has a market capitalization of $8.35 billion, a P/E ratio of 12.59 and a beta of 0.86. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The business has a fifty day moving average price of $21.57 and a 200-day moving average price of $21.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, topping the consensus estimate of $0.51 by $0.02. The firm had revenue of $633.41 million during the quarter, compared to analysts' expectations 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 in the previous year, the company earned $0.46 EPS. Equities analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on ONB. Jefferies Financial Group assumed coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price on the stock. Barclays boosted their target price on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada increased their price target on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. Wall Street Zen raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. Finally, Citigroup reduced their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company 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.