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

Old National Bancorp (NASDAQ:ONB - Get Free Report) released its quarterly earnings data on Tuesday. The bank reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.02, Zacks reports. The company had revenue of $633.41 million during the quarter, compared to the consensus estimate of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 14.61%. During the same quarter in the prior year, the firm earned $0.46 EPS.

Old National Bancorp Stock Performance

ONB traded down $0.43 on Thursday, reaching $21.62. The company had a trading volume of 3,897,226 shares, compared to its average volume of 3,264,235. 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 $6.91 billion, a PE ratio of 12.79 and a beta of 0.85. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82. The stock has a 50-day moving average price of $21.58 and a 200-day moving average price of $21.66.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were given a $0.14 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.59%. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of ONB. Jones Financial Companies Lllp increased its stake in Old National Bancorp by 87.8% in the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank's stock valued at $269,000 after purchasing an additional 5,936 shares during the period. Royal Bank of Canada increased its stake in Old National Bancorp by 2.0% in the first quarter. Royal Bank of Canada now owns 214,065 shares of the bank's stock valued at $4,536,000 after purchasing an additional 4,153 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Old National Bancorp by 7.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank's stock valued at $19,349,000 after purchasing an additional 64,110 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Old National Bancorp by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank's stock valued at $60,263,000 after purchasing an additional 215,203 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONB has been the subject of a number of recent analyst reports. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. Citigroup decreased their price target on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Stephens reissued an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a research report on Monday, April 14th. Truist Financial raised their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Wall Street Zen raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Old National Bancorp has an average rating of "Moderate Buy" and an average target price of $26.40.

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.