Old National Bancorp (ONB) Set to Release Earnings Soon

Old National Bancorp (NASDAQ:ONB) is expected to announce its earnings results before the market opens on Tuesday, January 21st. Analysts project that the company will report earnings of $0.46 per share alongside revenues estimated to be about $485.57 million for the upcoming quarter.

In the previous quarterly earnings report, released on October 22nd, Old National Bancorp reported earnings of $0.46 per share, which matched the expectations of financial analysts. The bank also generated revenue of $485.86 million for that quarter, exceeding the consensus estimate of $482.20 million. This performance showcased a return on equity of 10.10% and a net profit margin of 17.93%. Additionally, the bank's revenue for that quarter increased by 6.5% in comparison to the same quarter from the prior year. In the previous year’s corresponding quarter, the company had reported earnings of $0.51 per share. Analysts forecast that Old National Bancorp is likely to post earnings per share of $2 for the current fiscal year and also for the next fiscal year.

Stock Performance Overview

On Wednesday, Old National Bancorp shares traded up by $0.93, reaching a price of $22.76. Approximately 4,352,793 shares changed hands during the trading session, surpassing the average trading volume of 3,514,133 shares. The bank holds a market capitalization of around $7.26 billion, a price-to-earnings (P/E) ratio of 13.79, and a beta of 0.87. Over the last year, the stock has seen a low of $15.36 and a high of $23.76. Additionally, its financial metrics include a debt-to-equity ratio of 0.83, a current ratio of 0.92, and a quick ratio of 0.92. The stock has recorded a 50-day moving average of $22.01 and a 200-day moving average of $19.89.

Dividend Announcement

Old National Bancorp recently declared a quarterly dividend, which was paid out on Monday, December 16th. Shareholders who were on record by Thursday, December 5th, received a dividend of $0.14 per share. This dividend translates to an annualized payout of $0.56, offering a yield of 2.46%. The ex-dividend date for this announcement was also December 5th. The current payout ratio for Old National Bancorp's dividends stands at 33.94%.

Recent Analyst Reviews

Several financial analysts have recently updated their ratings and target prices for Old National Bancorp. Barclays increased their target price for the stock from $26.00 to $27.00, recommending an “overweight” rating in a note released on December 20th. Conversely, StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating on December 3rd. Royal Bank of Canada also raised their target price from $24.00 to $25.00, while assigning a “sector perform” rating in their report on November 26th. Another analysis from Raymond James upgraded Old National Bancorp from “market perform” to a “strong-buy” rating, setting a target price of $28.00 on the same date. Further, Keefe, Bruyette & Woods elevated their target from $23.00 to $28.00, giving the stock an “outperform” rating. Currently, the stock is rated with one sell, one hold, six buy ratings, and one strong buy, leading to a consensus rating of “Moderate Buy” with an average target price of $24.38.

Company Overview

Old National Bancorp serves as the holding company for Old National Bank, offering a variety of financial services to individual and corporate clients across the United States. The bank provides different types of deposit accounts, including non-interest-bearing demand deposits, interest-bearing checking accounts, saving accounts, and time deposits. Additionally, Old National offers a broad range of loans, such as home equity lines of credit, commercial loans, and agricultural loans, among others.

Earnings, Finance, Stocks