Old National Bancorp (NASDAQ:ONB) Releases Quarterly Earnings Results, Hits Estimates

Old National Bancorp (NASDAQ:ONB) posted its quarterly earnings data on Tuesday. The bank reported $0.46 earnings per share for the quarter, hitting 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 company had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. During the same period in the prior year, the firm earned $0.51 earnings per share. Old National Bancorp’s revenue for the quarter was up 6.5% compared to the same quarter last year.

Old National Bancorp Trading Down 0.5 %

ONB traded down $0.09 during midday trading on Wednesday, hitting $18.78. 453,764 shares of the company were exchanged, compared to its average volume of 2,010,601. The firm has a market capitalization of $5.99 billion, a P/E ratio of 11.06 and a beta of 0.83. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $20.43. The firm’s 50 day moving average price is $18.82 and its 200-day moving average price is $17.83. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.96.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.98%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s payout ratio is presently 32.94%.

Insiders Place Their Bets

In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of Old National Bancorp stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the transaction, the insider now directly owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Kendra L. Vanzo sold 20,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.85, for a total value of $397,000.00. Following the completion of the sale, the insider now directly owns 117,676 shares of the company’s stock, valued at $2,335,868.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of Old National Bancorp stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $19.94, for a total value of $498,500.00. Following the transaction, the chief executive officer now owns 287,409 shares of the company’s stock, valued at $5,730,935.46. This trade 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 Analysts Forecast Growth

A number of equities analysts have recently weighed in on ONB shares. Royal Bank of Canada increased their target price on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Finally, Barclays raised their price objective on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.