Old National Bancorp (NASDAQ:ONB) Plans Quarterly Dividend of $0.14

Old National Bancorp (NASDAQ:ONB) declared a quarterly dividend on Wednesday, February 19th, Wall Street Journal reports. Shareholders of record on Wednesday, March 5th will be paid a dividend of 0.14 per share by the bank on Monday, March 17th. This represents a $0.56 annualized dividend and a yield of 2.39%. The ex-dividend date is Wednesday, March 5th.

Old National Bancorp has a dividend payout ratio of 21.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Old National Bancorp to earn $2.60 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 21.5%.

Old National Bancorp Stock Down 2.1 %

ONB stock traded down $0.51 during midday trading on Friday, hitting $23.46. The company’s stock had a trading volume of 2,749,238 shares, compared to its average volume of 3,289,957. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 52-week low of $15.38 and a 52-week high of $24.49. The firm has a market capitalization of $7.48 billion, a P/E ratio of 13.96 and a beta of 0.88. The firm has a 50-day simple moving average of $22.71 and a 200-day simple moving average of $20.81.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period in the previous year, the firm posted $0.46 earnings per share. As a group, equities analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Analyst Upgrades and Downgrades

ONB has been the subject of several recent research reports. Piper Sandler reissued an “overweight” rating and issued a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Barclays lifted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $26.00 price objective (up from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $29.00 price objective (up from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.29.

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.