Old National Bancorp (NASDAQ:ONB) Announces Earnings Results, Beats Expectations By $0.03 EPS

Key Points

• Old National Bancorp reported $0.59 earnings per share (EPS) for the quarter, exceeding estimates of $0.56 by $0.03.
• The company had a revenue of $713.04 million, surpassing the consensus estimate of $696.67 million.
• Old National Bancorp recently announced a quarterly dividend of $0.14 per share, representing a dividend yield of 2.7% and a payout ratio of 33.14%.

Old National Bancorp (NASDAQ:ONB - Get Free Report) released its quarterly earnings data on Wednesday. The bank reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03, Zacks reports. The company had revenue of $713.04 million during the quarter, compared to the consensus estimate of $696.67 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%.

Old National Bancorp Price Performance

ONB opened at $20.68 on Wednesday. The company's 50 day simple moving average is $21.98 and its 200 day simple moving average is $21.38. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 1 year low of $16.83 and a 1 year high of $24.49. The stock has a market capitalization of $8.10 billion, a PE ratio of 12.24 and a beta of 0.85.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, September 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, September 5th. Old National Bancorp's dividend payout ratio is presently 33.14%.

Hedge Funds Weigh In On Old National Bancorp

Large investors have recently bought and sold shares of the stock. Qube Research & Technologies Ltd increased its position in shares of Old National Bancorp by 2,938.2% in the second quarter. Qube Research & Technologies Ltd now owns 1,025,789 shares of the bank's stock worth $21,890,000 after acquiring an additional 992,026 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Old National Bancorp by 567.9% during the 2nd quarter. Jane Street Group LLC now owns 647,881 shares of the bank's stock valued at $13,826,000 after acquiring an additional 550,885 shares in the last quarter. AXA S.A. purchased a new stake in Old National Bancorp during the 2nd quarter worth $8,093,000. Cubist Systematic Strategies LLC acquired a new stake in Old National Bancorp in the 2nd quarter valued at $7,125,000. Finally, Basswood Capital Management L.L.C. raised its position in Old National Bancorp by 46.8% in the second quarter. Basswood Capital Management L.L.C. now owns 983,840 shares of the bank's stock valued at $20,995,000 after purchasing an additional 313,650 shares during the period. Hedge funds and other institutional investors own 83.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ONB. Truist Financial boosted their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. Cowen initiated coverage on Old National Bancorp in a research note on Wednesday, September 24th. They issued a "hold" rating for the company. Piper Sandler reissued an "overweight" rating and issued a $27.00 price objective (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Royal Bank Of Canada lifted their target price on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. Finally, TD Cowen started coverage on shares of Old National Bancorp in a research report on Thursday, September 25th. They issued a "hold" rating and a $25.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $26.36.

Old National Bancorp Company Profile

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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