Old National Bancorp (NASDAQ:ONB) Posts Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Old National reported $0.61 EPS, beating estimates by $0.01, while quarterly revenue of $702.69M slightly missed expectations but was up 44.4% year‑over‑year.
• The bank declared a quarterly dividend of $0.145 per share (annualized $0.58), implying a 2.4% yield with an ex‑dividend date of May 5.
• Analysts have been raising targets and the consensus rating is a “Moderate Buy” with an average price target of $27.50.

Old National Bancorp (NASDAQ:ONB - Get Free Report) posted its earnings results on Wednesday. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01, FiscalAI reports. The business had revenue of $702.69 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.The business's quarterly revenue was up 44.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 EPS.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock traded up $0.25 on Wednesday, hitting $24.02. The company's stock had a trading volume of 1,324,660 shares, compared to its average volume of 3,117,311. The company has a market capitalization of $9.28 billion, a P/E ratio of 13.37 and a beta of 0.83. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $26.17. The firm has a fifty day moving average price of $23.01 and a 200-day moving average price of $22.55. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.86.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be paid a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, May 5th. Old National Bancorp's payout ratio is 32.40%.

Insider Transactions at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of Old National Bancorp stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total transaction of $751,500.00. Following the completion of the transaction, the insider owned 20,438 shares in the company, valued at approximately $511,971.90. The trade was a 59.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.72% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ONB. Occudo Quantitative Strategies LP acquired a new stake in shares of Old National Bancorp during the second quarter valued at $353,000. Mercer Global Advisors Inc. ADV raised its stake in Old National Bancorp by 36.6% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 15,495 shares of the bank's stock valued at $346,000 after purchasing an additional 4,152 shares during the last quarter. Lido Advisors LLC lifted its holdings in Old National Bancorp by 35.5% in the 3rd quarter. Lido Advisors LLC now owns 14,808 shares of the bank's stock valued at $325,000 after purchasing an additional 3,876 shares in the last quarter. Vident Advisory LLC lifted its holdings in Old National Bancorp by 31.6% in the 2nd quarter. Vident Advisory LLC now owns 14,505 shares of the bank's stock valued at $310,000 after purchasing an additional 3,481 shares in the last quarter. Finally, Glenview Trust co purchased a new stake in shares of Old National Bancorp during the second quarter worth about $304,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on ONB shares. Royal Bank Of Canada raised their target price on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Thursday, January 22nd. National Bank Financial set a $30.00 price objective on shares of Old National Bancorp in a research report on Thursday, January 22nd. Truist Financial boosted their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Citigroup increased their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Finally, Barclays upped their price objective on Old National Bancorp from $29.00 to $30.00 and gave the stock an "overweight" rating in a report on Tuesday, April 7th. Seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $27.50.

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.