$155.43 Million in Sales Expected for Old National Bancorp (ONB) This Quarter
Equities analysts expect Old National Bancorp (NASDAQ:ONB) to post sales of $155.43 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Old National Bancorp’s earnings. The lowest sales estimate is $149.30 million and the highest is $160.00 million. Old National Bancorp posted sales of $155.05 million during the same quarter last year, which suggests a positive year over year growth rate of 0.2%. The firm is expected to report its next earnings results on Monday, October 30th.
According to Zacks, analysts expect that Old National Bancorp will report full-year sales of $155.43 million for the current year, with estimates ranging from $600.70 million to $629.80 million. For the next fiscal year, analysts forecast that the firm will post sales of $683.63 million per share, with estimates ranging from $646.00 million to $717.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Old National Bancorp.
Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, July 25th. The bank reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The business had revenue of $153.60 million during the quarter, compared to the consensus estimate of $153.57 million. Old National Bancorp had a return on equity of 8.25% and a net margin of 21.02%. During the same quarter last year, the company earned $0.31 EPS.
A number of brokerages recently issued reports on ONB. Zacks Investment Research raised Old National Bancorp from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Wednesday, June 28th. Jefferies Group LLC reissued a “hold” rating and set a $18.00 price target on shares of Old National Bancorp in a research report on Sunday, June 11th. BidaskClub downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Hilliard Lyons raised Old National Bancorp from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $17.00 to $17.50 in a research report on Thursday, April 27th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $18.00 price target on shares of Old National Bancorp in a research report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $18.30.
In other Old National Bancorp news, insider John R. Kamin sold 5,531 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $16.56, for a total transaction of $91,593.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 13,863 shares of company stock valued at $232,637 over the last 90 days. Corporate insiders own 1.79% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Teachers Advisors LLC boosted its stake in Old National Bancorp by 4.3% in the fourth quarter. Teachers Advisors LLC now owns 229,014 shares of the bank’s stock valued at $4,157,000 after buying an additional 9,469 shares during the last quarter. Creative Planning boosted its stake in Old National Bancorp by 21.2% in the first quarter. Creative Planning now owns 22,377 shares of the bank’s stock valued at $388,000 after buying an additional 3,917 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Old National Bancorp during the first quarter valued at $201,000. Louisiana State Employees Retirement System boosted its stake in Old National Bancorp by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 55,100 shares of the bank’s stock valued at $956,000 after buying an additional 800 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in Old National Bancorp by 2.6% in the first quarter. Nisa Investment Advisors LLC now owns 47,400 shares of the bank’s stock valued at $822,000 after buying an additional 1,200 shares during the last quarter. Hedge funds and other institutional investors own 71.26% of the company’s stock.
Old National Bancorp (NASDAQ ONB) opened at 16.25 on Friday. The company has a market cap of $2.20 billion, a P/E ratio of 15.43 and a beta of 1.10. Old National Bancorp has a 52-week low of $13.49 and a 52-week high of $18.95. The company’s 50 day moving average price is $16.79 and its 200 day moving average price is $17.12.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 3.20%. The ex-dividend date is Wednesday, August 30th. Old National Bancorp’s payout ratio is presently 49.52%.
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About Old National Bancorp
Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory and other traditional banking services. The Company focuses on community banking.
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