Midwestern regional bank Old National Bancorp (NASDAQ: ONB) will be reporting results tomorrow before market hours. Here’s what you need to know.
Old National Bank missed analysts’ revenue expectations last quarter, reporting revenues of $702.7 million, up 44.3% year on year. It was a softer quarter for the company, with a significant miss of analysts’ net interest income estimates and EPS in line with analysts’ 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 13.5% year on year, slowing from the 31.4% 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 Q2 results, giving us a hint as to what we can expect. M&T Bank delivered year-on-year revenue growth of 4.7%, beating analysts’ expectations by 1.8%, and Commerce Bancshares reported revenues up 11.9%, topping estimates by 1.8%. M&T Bank traded up 5% following the results while Commerce Bancshares was also up 1.7%.
Read our full analysis of M&T Bank’s results here and Commerce Bancshares’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 4.4% on average over the last month. Old National Bank is up 6% during the same time and is heading into earnings with an average analyst price target of $28.55 (compared to the current share price of $26.51).
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