Old National Bancorp (ONB) Expected to Announce Quarterly Sales of $154.46 Million
Wall Street brokerages expect Old National Bancorp (NASDAQ:ONB) to report $154.46 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Old National Bancorp’s earnings. The lowest sales estimate is $149.30 million and the highest is $160.40 million. Old National Bancorp posted sales of $155.05 million in the same quarter last year, which suggests a negative year over year growth rate of 0.4%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Tuesday, October 24th.
On average, analysts expect that Old National Bancorp will report full year sales of $154.46 million for the current financial year, with estimates ranging from $600.70 million to $632.60 million. For the next year, analysts forecast that the firm will post sales of $692.09 million per share, with estimates ranging from $648.50 million to $723.00 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Old National Bancorp.
Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, July 25th. The bank reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. The company had revenue of $153.60 million during the quarter, compared to analyst estimates of $153.57 million. Old National Bancorp had a net margin of 21.02% and a return on equity of 8.25%. During the same period in the prior year, the firm earned $0.31 earnings per share.
Several equities analysts have recently weighed in on the company. Boenning Scattergood assumed coverage on Old National Bancorp in a report on Wednesday, October 4th. They set an “outperform” rating and a $20.50 price objective on the stock. Piper Jaffray Companies assumed coverage on Old National Bancorp in a report on Friday, October 6th. They set a “neutral” rating and a $19.00 price objective on the stock. BidaskClub upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Jefferies Group LLC reiterated a “hold” rating and set a $18.00 price objective on shares of Old National Bancorp in a report on Friday, September 15th. Finally, UBS AG upgraded Old National Bancorp from a “market perform” rating to an “outperform” rating in a report on Tuesday, September 19th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Old National Bancorp has an average rating of “Buy” and an average target price of $18.83.
In other Old National Bancorp news, insider John R. Kamin sold 5,531 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $16.56, for a total value of $91,593.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.79% of the company’s stock.
Large investors have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of Old National Bancorp by 52,609.0% during the 1st quarter. BlackRock Inc. now owns 16,743,528 shares of the bank’s stock worth $290,500,000 after acquiring an additional 16,711,762 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,353,720 shares of the bank’s stock worth $195,853,000 after acquiring an additional 603,021 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Old National Bancorp by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 12,455,653 shares of the bank’s stock worth $216,106,000 after acquiring an additional 586,666 shares during the last quarter. Koch Industries Inc. acquired a new position in shares of Old National Bancorp during the 2nd quarter worth approximately $527,000. Finally, State Street Corp increased its holdings in shares of Old National Bancorp by 9.7% during the 2nd quarter. State Street Corp now owns 6,021,497 shares of the bank’s stock worth $103,868,000 after acquiring an additional 530,755 shares during the last quarter. 72.62% of the stock is currently owned by hedge funds and other institutional investors.
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Old National Bancorp (NASDAQ ONB) opened at 18.40 on Friday. Old National Bancorp has a one year low of $13.74 and a one year high of $18.95. The firm has a market cap of $2.49 billion, a P/E ratio of 17.47 and a beta of 1.10. The stock has a 50 day moving average price of $17.17 and a 200-day moving average price of $16.86.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.83%. The ex-dividend date was Wednesday, August 30th. Old National Bancorp’s payout ratio is 49.52%.
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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