Brokerages forecast that Old National Bancorp (NASDAQ:ONB) will post sales of $190.80 million for the current quarter, Zacks reports. Five analysts have issued estimates for Old National Bancorp’s earnings, with estimates ranging from $184.72 million to $194.50 million. Old National Bancorp reported sales of $163.38 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 16.8%. The business is scheduled to report its next quarterly earnings results on Tuesday, January 22nd.
According to Zacks, analysts expect that Old National Bancorp will report full-year sales of $721.39 million for the current year, with estimates ranging from $713.25 million to $729.00 million. For the next financial year, analysts expect that the company will report sales of $813.96 million, with estimates ranging from $802.90 million to $827.19 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Old National Bancorp.
Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Monday, October 22nd. The bank reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. Old National Bancorp had a net margin of 16.12% and a return on equity of 8.24%. The company had revenue of $176.80 million during the quarter, compared to analysts’ expectations of $178.10 million. During the same quarter in the prior year, the company posted $0.29 EPS.
Several equities research analysts have recently weighed in on the stock. BidaskClub lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Friday, October 26th. Zacks Investment Research lowered shares of Old National Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. ValuEngine raised shares of Old National Bancorp from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $21.00 target price on shares of Old National Bancorp in a report on Tuesday, July 24th. Finally, Boenning Scattergood reaffirmed a “buy” rating on shares of Old National Bancorp in a report on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $20.40.
A number of large investors have recently modified their holdings of the business. Amalgamated Bank grew its holdings in Old National Bancorp by 15.1% during the 2nd quarter. Amalgamated Bank now owns 21,972 shares of the bank’s stock worth $409,000 after acquiring an additional 2,886 shares during the last quarter. Piedmont Investment Advisors LLC grew its holdings in Old National Bancorp by 10.2% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 31,505 shares of the bank’s stock worth $586,000 after acquiring an additional 2,904 shares during the last quarter. LPL Financial LLC grew its holdings in Old National Bancorp by 12.7% during the 1st quarter. LPL Financial LLC now owns 29,664 shares of the bank’s stock worth $501,000 after acquiring an additional 3,336 shares during the last quarter. US Bancorp DE grew its holdings in Old National Bancorp by 20.4% during the 2nd quarter. US Bancorp DE now owns 20,067 shares of the bank’s stock worth $373,000 after acquiring an additional 3,396 shares during the last quarter. Finally, Valeo Financial Advisors LLC grew its holdings in Old National Bancorp by 47.4% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,010 shares of the bank’s stock worth $213,000 after acquiring an additional 3,541 shares during the last quarter. 72.01% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ONB stock traded up $0.09 during mid-day trading on Thursday, reaching $18.50. The company’s stock had a trading volume of 467,026 shares, compared to its average volume of 861,420. Old National Bancorp has a 1-year low of $16.36 and a 1-year high of $20.95. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 1.73 and a beta of 0.88. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.86 and a current ratio of 0.86.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Friday, November 30th. Old National Bancorp’s dividend payout ratio is currently 47.27%.
About Old National Bancorp
Old National Bancorp operates as the holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. The company offers deposit accounts, including noninterest-bearing demand, NOW, savings and money market, and time deposits; and loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing.
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