Old National Bancorp (NASDAQ:ONB) Issues Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Old National Bancorp beat earnings expectations by reporting $0.65 EPS for the quarter, $0.02 above the consensus estimate. Revenue also came in ahead of forecasts at $726.86 million versus $716.23 million expected.
• The stock was down 1.3% despite the earnings beat, opening at $26.17. The company also showed a 2.2% dividend yield, with its latest quarterly dividend set at $0.145 per share.
• Wall Street sentiment remains constructive, with analysts assigning a Moderate Buy average rating and a $28.55 price target. Nine analysts rate the stock a Buy, while three rate it Hold.

Old National Bancorp (NASDAQ:ONB - Get Free Report) announced its quarterly earnings data on Wednesday. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02, FiscalAI reports. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The business had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.23 million.

Old National Bancorp Trading Down 1.3%

ONB opened at $26.17 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. The stock's fifty day moving average is $24.96 and its two-hundred day moving average is $23.96. The company has a market capitalization of $10.11 billion, a P/E ratio of 13.49 and a beta of 0.83. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.32.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 29.90%.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds have recently made changes to their positions in ONB. Kemnay Advisory Services Inc. purchased a new position in shares of Old National Bancorp during the fourth quarter valued at $27,000. Los Angeles Capital Management LLC purchased a new stake in Old National Bancorp in the fourth quarter worth about $36,000. Peterson Wealth Services lifted its stake in Old National Bancorp by 9,711.8% in the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank's stock worth $37,000 after acquiring an additional 1,651 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Old National Bancorp by 794.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank's stock worth $76,000 after acquiring an additional 3,169 shares during the period. Finally, Parallel Advisors LLC grew its holdings in Old National Bancorp by 41.5% during the 4th quarter. Parallel Advisors LLC now owns 3,566 shares of the bank's stock worth $80,000 after acquiring an additional 1,046 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ONB has been the topic of a number of analyst reports. Stephens upped their target price on Old National Bancorp from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. Barclays boosted their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. UBS Group assumed coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a "buy" rating and a $32.00 target price on the stock. Truist Financial increased their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock a "buy" rating in a research note on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Old National Bancorp presently has an average rating of "Moderate Buy" and an average price target of $28.55.

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.

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