EVANSVILLE, Ind. - Old National Bancorp (NASDAQ: ONB), a Midwest and Southeast-serving commercial bank, declared a quarterly cash dividend of $0.14 per share on its common stock, payable on September 16, 2024, to shareholders of record by September 5, 2024. The company also announced dividends for its preferred stock, with $17.50 per share on its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (NASDAQ: ONBPP) and Series C (NASDAQ: ONBPO). These dividends are due on November 20, 2024, for shareholders on record as of November 5, 2024.
Old National Bancorp is recognized as the sixth largest commercial bank headquartered in the Midwest, managing approximately $53 billion in assets and $30 billion in assets under management. The bank, founded in 1834, prides itself on fostering long-term client relationships and supporting the communities in which it operates. The company provides a range of services, including consumer and commercial banking, wealth management, and capital markets services.
The bank's commitment to community service was recently acknowledged when it was named one of "The Civic 50" by Points of Light in 2024, which honors the 50 most community-minded companies in the United States. This recognition underscores Old National's dedication to community engagement and social responsibility.
This financial update is based on a press release statement issued by Old National Bancorp.
In other recent news, Old National Bancorp has been demonstrating a strong financial performance, exceeding second quarter expectations for 2024. The company reported GAAP earnings of $0.37 per common share and an adjusted EPS of $0.46, along with a total deposit growth and loan growth of 2.4% and 5.9% annualized, respectively. These positive results are attributed to the successful integration with CapStar Bank, expanding Old National Bancorp's reach into southeastern markets.
Citi and RBC Capital have both updated their outlook on Old National Bancorp. Citi raised the price target to $24 from the previous $20, reiterating a Buy rating due to the bank's strong fundamentals and consistent growth trajectory. Meanwhile, RBC Capital raised the price target from $19 to $22, maintaining a Sector Perform rating, noting the bank's solid core trends, strong organic loan growth, and stable credit quality.
In addition to these financial results, Old National Bancorp plans to continue its focus on expanding its wealth management, treasury management, and capital markets businesses. These recent developments suggest a promising trajectory for Old National Bancorp, with analysts from both Citi and RBC Capital anticipating a stable and quality performance moving forward.
InvestingPro Insights
As Old National Bancorp (NASDAQ: ONB) continues to reward its shareholders with consistent dividend payments, the latest financial metrics from InvestingPro reveal a nuanced picture of the bank's performance. With a market capitalization of $5.93 billion and a price-to-earnings (P/E) ratio of 10.92, the bank presents an interesting case for investors looking for stability in the financial sector. Notably, Old National has maintained its dividend payments for an impressive 42 consecutive years, a testament to its financial resilience and commitment to shareholders.
InvestingPro data also shows a dividend yield of 3.02%, which is attractive to income-focused investors, especially considering the company's history of dividend reliability. While revenue has seen a decline of 7.06% over the last twelve months as of Q2 2024, the bank's operating income margin remains robust at 43.52%, indicating efficient management and profitability. Analysts predict that Old National will remain profitable this year, which is corroborated by the company's basic and diluted earnings per share (EPS) of $1.7.
For investors seeking deeper insights, there are additional InvestingPro Tips available for Old National Bancorp, including analysis on earnings revisions and gross profit margins. In total, there are 5 more tips listed on InvestingPro, which can provide a more comprehensive understanding of the bank's financial health and future prospects. To explore these insights, visit InvestingPro.
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