Zacks: Brokerages Anticipate Old National Bancorp (ONB) to Announce $0.32 EPS

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Equities analysts forecast that Old National Bancorp (NASDAQ:ONB) will report earnings of $0.32 per share for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Old National Bancorp’s earnings. The highest EPS estimate is $0.34 and the lowest is $0.31. Old National Bancorp reported earnings per share of $0.31 during the same quarter last year, which indicates a positive year over year growth rate of 3.2%. The company is scheduled to announce its next quarterly earnings results before the market opens on Monday, October 22nd.

According to Zacks, analysts expect that Old National Bancorp will report full year earnings of $1.31 per share for the current year, with EPS estimates ranging from $1.28 to $1.37. For the next fiscal year, analysts forecast that the company will post earnings of $1.50 per share, with EPS estimates ranging from $1.43 to $1.58. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Old National Bancorp.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Monday, July 23rd. The bank reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.03. Old National Bancorp had a net margin of 15.19% and a return on equity of 8.08%. The business had revenue of $184.10 million for the quarter, compared to analyst estimates of $174.05 million. During the same quarter in the previous year, the firm posted $0.28 earnings per share. Old National Bancorp’s revenue was up 19.9% compared to the same quarter last year.

A number of equities research analysts have weighed in on ONB shares. Stephens lifted their price target on shares of Old National Bancorp from $19.90 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, July 23rd. BidaskClub upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 5th. ValuEngine upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. Zacks Investment Research upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Wednesday, June 27th. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $21.00 price target on shares of Old National Bancorp in a research note on Tuesday, July 24th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $20.44.

ONB traded down $0.47 during trading on Friday, reaching $18.71. 1,216,085 shares of the company’s stock were exchanged, compared to its average volume of 862,660. Old National Bancorp has a fifty-two week low of $16.36 and a fifty-two week high of $20.95. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.88 and a quick ratio of 0.87. The company has a market capitalization of $2.94 billion, a P/E ratio of 17.01, a P/E/G ratio of 1.84 and a beta of 0.85.

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 18th. Stockholders of record on Tuesday, September 4th were paid a $0.13 dividend. The ex-dividend date was Friday, August 31st. This represents a $0.52 annualized dividend and a dividend yield of 2.78%. Old National Bancorp’s dividend payout ratio is presently 47.27%.

Several large investors have recently modified their holdings of ONB. BlackRock Inc. lifted its position in Old National Bancorp by 12.5% during the 2nd quarter. BlackRock Inc. now owns 19,816,949 shares of the bank’s stock worth $368,596,000 after buying an additional 2,207,742 shares in the last quarter. FMR LLC lifted its position in Old National Bancorp by 826.6% during the 2nd quarter. FMR LLC now owns 1,829,031 shares of the bank’s stock worth $34,020,000 after buying an additional 1,631,631 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Old National Bancorp by 36.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,648,599 shares of the bank’s stock worth $44,762,000 after buying an additional 712,317 shares in the last quarter. Bank of America Corp DE lifted its position in Old National Bancorp by 221.2% during the 2nd quarter. Bank of America Corp DE now owns 622,535 shares of the bank’s stock worth $11,579,000 after buying an additional 428,734 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Old National Bancorp by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,035,500 shares of the bank’s stock worth $223,862,000 after buying an additional 317,122 shares in the last quarter. Institutional investors own 73.48% of the company’s stock.

Old National Bancorp Company Profile

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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Earnings History and Estimates for Old National Bancorp (NASDAQ:ONB)

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