Old National Bancorp will issue a quarterly dividend of $0.14 (NASDAQ:ONB)

Former National Bank (NASDAQ: ONBGet a rating) declared a quarterly dividend on Friday, November 4 the wall street journal reports. Shareholders of record on Thursday, December 1 will receive a dividend of 0.14 per share from the bank on Thursday, December 15. This represents a dividend of $0.56 on an annualized basis and a dividend yield of 2.84%. The ex-date of this dividend is Wednesday, November 30.

Old National Bancorp has increased its dividend by an average of 2.5% per year over the past three years. Old National Bancorp has a dividend payout ratio of 24.6%, indicating that its dividend is sufficiently covered by earnings. Research analysts expect Old National Bancorp to earn $2.24 per share next year, meaning the company should continue to be able to cover its $0.56 annual dividend with a ratio expected future payout of 25.0%.

Former national Bancorp trades up 2.1%

Shares of ONB Stock traded at $0.41 during Friday trading hours, reaching $19.69. The company had a trading volume of 137,376 shares, compared to an average volume of 2,083,268. The company has a 50-day moving average of $17.55 and a 200-day moving average of $16.46. The company has a debt ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $5.77 billion, a price-earnings ratio of 18.19 and a beta of 0.87. Old National Bancorp has a 1-year low of $14.22 and a 1-year high of $20.81.

Former National Bank (NASDAQ: ONBGet a rating) last released its quarterly earnings data on Tuesday, October 25. The bank reported EPS of $0.51 for the quarter, beating the consensus estimate of $0.50 by $0.01. The company posted revenue of $461.92 million for the quarter, versus a consensus estimate of $438.18 million. Old National Bancorp had a return on equity of 9.93% and a net margin of 19.71%. The company’s revenue increased by 120.4% compared to the same quarter last year. In the same quarter last year, the company posted EPS of $0.43. On average, equity research analysts expect Old National Bancorp to post an EPS of 1.47 for the current year.

Wall Street analysts predict growth

Several research firms have published reports on ONB. Stephens raised his price target on Old National Bancorp to $23.00 in a Tuesday, August 23 research note. Royal Bank of Canada raised its price target on Old National Bancorp from $20.00 to $21.00 and gave the company a “sector performance” rating in a Wednesday, October 26 research note. Piper Sandler raised her price target on Old National Bancorp to $21.00 and gave the company an “outperform” rating in a Wednesday, July 27 research note. StockNews.com began covering Old National Bancorp in a research note on Wednesday, October 12. They issued a “hold” rating on the stock. Finally, TheStreet upgraded Old National Bancorp from a “c+” rating to a “b” rating in a Monday, August 29, research note. Two equity research analysts gave the stock a hold rating and three gave the company a buy rating. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.75.

Insider Trading at Old National Bancorp

Separately, director Thomas Lynn Brown acquired 15,000 shares of Old National Bancorp in a transaction dated Wednesday, September 14. The stock was purchased at an average price of $16.74 per share, for a total transaction of $251,100.00. Following the completion of the acquisition, the administrator now directly owns 18,400 shares of the company, valued at approximately $308,016. The transaction was disclosed in a legal filing with the SEC, accessible via this link. Company insiders own 0.70% of the company’s shares.

Institutional investors weigh in on former National Bancorp

A number of hedge funds and other institutional investors have recently changed their positions in ONB. Covestor Ltd increased its position in shares of Old National Bancorp by 71.0% in the first quarter. Covestor Ltd now owns 8,365 shares in the bank valued at $137,000 after buying an additional 3,474 shares last quarter. Cetera Advisor Networks LLC increased its position in Old National Bancorp by 34.5% during the first quarter. Cetera Advisor Networks LLC now owns 14,433 shares of the bank valued at $236,000 after buying 3,701 additional shares last quarter. Mackenzie Financial Corp acquired a new position in Old National Bancorp during the first quarter valued at approximately $272,000. Captrust Financial Advisors increased its position in Old National Bancorp by 134.1% in the first quarter. Captrust Financial Advisors now owns 20,052 shares of the bank valued at $328,000 after buying 11,487 additional shares last quarter. Finally, Centiva Capital LP acquired a new position in Old National Bancorp during the second quarter valued at approximately $374,000. 78.13% of the shares are currently held by institutional investors and hedge funds.

About the former national bank

(Get a rating)

Old National Bancorp operates as a bank holding company for Old National Bank which provides various financial services to individuals and businesses in the United States. It accepts deposit accounts, including non-interest-bearing current accounts, interest-bearing checks, negotiable withdrawal orders, savings and money market accounts, and term deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, business loans, commercial real estate loans, letters of credit and leases.

Further reading

Dividend history for Old National Bancorp (NASDAQ:ONB)

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