Old National Bancorp (NASDAQ:ONB) Issues Quarterly Earnings Results

Old National Bancorp (NASDAQ:ONB - Get Free Report) released its quarterly earnings results on Tuesday. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46, Briefing.com reports. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. The firm had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. During the same quarter last year, the business posted $0.51 EPS. The company's revenue for the quarter was up 6.5% on a year-over-year basis.

Old National Bancorp Stock Performance

NASDAQ ONB traded up $0.04 during trading on Wednesday, reaching $18.91. 2,698,626 shares of the company's stock were exchanged, compared to its average volume of 2,022,028. The business has a 50 day moving average price of $18.82 and a 200-day moving average price of $17.83. The stock has a market capitalization of $6.03 billion, a P/E ratio of 11.12 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.93. Old National Bancorp has a fifty-two week low of $12.36 and a fifty-two week high of $20.43.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Thursday, September 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 32.94%.

Insiders Place Their Bets

In other news, insider Kendra L. Vanzo sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the sale, the insider now owns 117,676 shares in the company, valued at $2,335,868.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Kendra L. Vanzo sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the sale, the insider now owns 117,676 shares in the company, valued at $2,335,868.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO James A. Sandgren sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the sale, the chief executive officer now owns 287,409 shares of the company's stock, valued at approximately $5,730,935.46. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.07% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ONB shares. Barclays lifted their target price on Old National Bancorp from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Friday, September 27th. Royal Bank of Canada lifted their target price on Old National Bancorp from $19.00 to $22.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 24th. Finally, StockNews.com downgraded Old National Bancorp from a "hold" rating to a "sell" rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Old National Bancorp currently has an average rating of "Moderate Buy" and an average price target of $19.88.

About Old National Bancorp

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.