Old National Bancorp (NASDAQ:ONB) Posts Quarterly Earnings Results, Beats Expectations 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 the consensus estimate of $0.51 by $0.02, Zacks reports. Old National Bancorp had a return on equity of 14.61% and a net margin of 17.67%. The company had revenue of $633.41 million for the quarter, compared to analysts' expectations of $622.83 million. During the same period last year, the firm posted $0.46 earnings per share.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock traded up $0.01 on Friday, hitting $21.53. The stock had a trading volume of 859,502 shares, compared to its average volume of 3,262,306. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 12.73 and a beta of 0.85. The company's 50 day moving average price is $21.56 and its 200 day moving average price is $21.66. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.82.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.60%. Old National Bancorp's dividend payout ratio is currently 32.56%.

Hedge Funds Weigh In On Old National Bancorp

A number of large investors have recently modified their holdings of ONB. Jones Financial Companies Lllp boosted its holdings in shares of Old National Bancorp by 87.8% during the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank's stock worth $269,000 after purchasing an additional 5,936 shares during the last quarter. Royal Bank of Canada raised its position 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 position in shares of Old National Bancorp by 7.6% during 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 worth $19,349,000 after acquiring an additional 64,110 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings 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 buying an additional 215,203 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ONB has been the topic of several research reports. Jefferies Financial Group began coverage on Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price on the stock. Stephens restated an "overweight" rating and set a $27.00 price objective on shares of Old National Bancorp in a research note on Monday, April 14th. National Bankshares set a $24.00 price objective on Old National Bancorp in a report on Tuesday, May 20th. Truist Financial lifted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Raymond James Financial reduced their target price on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, April 2nd. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Old National Bancorp currently has an average rating of "Moderate Buy" and an average price target 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.