Old National Bancorp (NASDAQ: ONB) has just announced some significant updates that will surely catch the attention of its shareholders and investors. Firstly, the company has increased its quarterly cash dividend on outstanding shares of common stock by 3.6% to $0.145 per share. This is a notable uptick and indicates a positive outlook for the company's financial performance.
Furthermore, Old National has declared a quarterly cash dividend of $17.50 per share on its 7.0% fixed rate non-cumulative perpetual preferred stock, series A (NASDAQ: ONBPP) and series C (NASDAQ: ONBPO). This move demonstrates the company's commitment to rewarding its investors and maintaining an attractive dividend program.
In addition to the dividend updates, the company's board of directors has approved doubling the size of its share repurchase program. The new authorization allows the company to repurchase up to $400 million of its outstanding shares of common stock, replacing the prior $200 million program that was set to expire. This substantial increase in the share repurchase program signals a strong belief in the company's future performance and underscores its dedication to delivering value to shareholders.
These strategic decisions come as Old National Bancorp continues to solidify its position in the market. With approximately $72 billion of assets and $37 billion of assets under management, the company is making significant strides in the banking industry. The focus on building long-term, highly valued partnerships with clients, combined with a commitment to strengthening and supporting the communities it serves, reflects a balanced approach to sustainable growth.
The announced updates not only indicate the company's confidence in its financial position but also underscore its ongoing efforts to enhance shareholder value and drive long-term success. With these developments, Old National Bancorp is positioning itself for continued growth and value creation in the future. Today the company's shares have moved -0.13% to a price of $23.26. For more information, read the company's full 8-K submission here.
