Midwestern regional bank Old National Bancorp (NASDAQ: ONB) will be announcing earnings results this Wednesday before market hours. Here’s what investors should know.
Old National Bank beat analysts’ revenue expectations last quarter, reporting revenues of $726.9 million, up 14.8% year on year. It was a slower quarter for the company, with a miss of analysts’ net interest income estimates and a narrow beat of analysts’ EPS estimates.
Is Old National Bank a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Old National Bank’s revenue to grow 3.1% year on year, slowing from the 44.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Old National Bank rarely misses Wall Street’s revenue estimates.
Looking at Old National Bank’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Washington Trust Bancorp delivered year-on-year revenue growth of 15%, beating analysts’ expectations by 4.1%, and Independent Bank reported revenues up 7.4%, topping estimates by 0.6%. Independent Bank traded up 3.6% following the results.
Read our full analysis of Washington Trust Bancorp’s results here and Independent Bank’s results here.
In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the regional banks stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.7% on average over the last month. Old National Bank is down 1.9% during the same time and is heading into earnings with an average analyst price target of $29.53 (compared to the current share price of $24.78).
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