Old National Bancorp Raises Dividend 3.6% and Doubles Buyback to $400M
Old National Bancorp raised its quarterly common dividend by 3.6% to $0.145 per share and declared a $17.50 per preferred share dividend, while authorizing a $400 million share repurchase program through February 2027. Short interest fell 13.8% in January to 17.43 million shares, equal to 4.5% of outstanding stock.
1. Dividend Increase and Preferred Payout
The Board approved a 3.6% rise in the quarterly common dividend to $0.145 per share, payable March 16 to holders of record on March 5. It also set a quarterly dividend of $17.50 per share on its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock Series A and C, payable May 20 to shareholders of record on May 5.
2. Share Repurchase Expansion
Old National Bancorp doubled its share repurchase authorization to $400 million, replacing the prior $200 million program set to expire February 28, 2026. The new program runs through February 28, 2027, allowing open-market, negotiated or accelerated repurchases at management’s discretion.
3. Short Interest Decline
Short interest in the company’s common stock dropped by 13.8% in January, falling from 20.22 million to 17.43 million shares. This represents 4.5% of the outstanding share count, suggesting reduced bearish positioning ahead of upcoming dividend and repurchase activities.