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

Key Points

• Old National Bancorp declared a quarterly dividend of $0.145 per share, payable September 15 to shareholders of record September 5. The dividend implies $0.58 annually and a 2.1% yield, with a 22.1% payout ratio.
• The bank reported quarterly EPS of $0.65, topping analyst estimates of $0.63, while revenue rose 13.2% year over year to $726.86 million. Analysts expect full-year EPS of approximately $2.60.
• Institutional investors own 83.66% of the stock, although CEO Chady M. Alahmar and insider Nicholas J. Chulos recently sold shares, reducing their holdings by 15.63% and 27.19%, respectively.

Old National Bancorp (NASDAQ:ONB - Get Free Report) declared a quarterly dividend on Wednesday, August 12th. Shareholders of record on Saturday, September 5th will be paid a dividend of 0.145 per share by the bank on Tuesday, September 15th. This represents a c) dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 4th.

Old National Bancorp has a payout ratio of 22.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Old National Bancorp to earn $2.85 per share next year, which means the company should continue to be able to cover its $0.58 annual dividend with an expected future payout ratio of 20.4%.

Old National Bancorp Trading Up 0.9%

Shares of ONB stock opened at $27.08 on Thursday. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36. The firm has a market capitalization of $10.36 billion, a PE ratio of 12.04 and a beta of 0.84. The stock has a fifty day moving average of $25.91 and a two-hundred day moving average of $24.36. 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 (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.02. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The company had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. During the same period last year, the company earned $0.53 earnings per share. The company's quarterly revenue was up 13.2% compared to the same quarter last year. As a group, research analysts expect that Old National Bancorp will post 2.6 EPS for the current year.

Insider Activity

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

Hedge Funds Weigh In On Old National Bancorp

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Old National Bancorp during the 2nd quarter worth $1,215,819,000. William Blair Investment Management LLC acquired a new position in shares of Old National Bancorp in the 2nd quarter worth $99,283,000. Bank of New York Mellon Corp acquired a new stake in shares of Old National Bancorp during the second quarter worth $90,226,000. Norges Bank acquired a new stake in shares of Old National Bancorp during the fourth quarter worth $72,661,000. Finally, Pzena Investment Management LLC purchased a new stake in shares of Old National Bancorp during the second quarter valued at $73,647,000. Institutional investors and hedge funds own 83.66% of the company's stock.

About Old National Bancorp

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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