8-K: Old National Bancorp Declares Quarterly Dividends on Common and Preferred Stock

Old National Bancorp announced the declaration of quarterly cash dividends for both its common and preferred stock, payable in June and August 2024 respectively.

Summary

• Old National Bancorp's Board of Directors has declared a quarterly cash dividend of $0.14 per share for common stock.
• The common stock dividend is payable on June 17, 2024, to shareholders of record as of June 5, 2024.
• A quarterly cash dividend of $17.50 per share was declared for the 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A and Series C.
• This preferred stock dividend is equivalent to $0.4375 per depositary share.
• The preferred stock dividend is payable on August 20, 2024, to shareholders of record as of August 5, 2024.

Sentiment

Score: 7

Explanation: The announcement of regular dividends is a positive sign for investors, indicating financial stability and a commitment to shareholder returns. The sentiment is positive but not overly enthusiastic as this is a routine announcement.

Positives

• The declaration of both common and preferred stock dividends indicates a commitment to returning value to shareholders.
• The dividend payments provide a regular income stream for investors.

Industry Context

The announcement of regular dividends is typical for established financial institutions like Old National Bancorp, reflecting a stable financial position and commitment to shareholder returns.

Comparison to Industry Standards

• Many large US banks pay quarterly dividends to shareholders, with the yield varying based on the bank's performance and capital allocation strategy.
• The dividend yield for Old National's common stock will be determined by the share price, and will be comparable to other regional banks such as Fifth Third Bancorp (FITB) and KeyCorp (KEY).
• Preferred stock dividends are typically fixed and are comparable to other banks with similar preferred stock offerings.

Stakeholder Impact

• Shareholders will receive cash dividends, providing a return on their investment.
• The dividend announcement may positively influence investor confidence in the company.

Key Dates

Keywords

dividends, common stock, preferred stock, cash dividend, Old National Bancorp, ONB, ONBPP, ONBPO