DA Davidson Lowers Old Second Bancorp (NASDAQ:OSBC) to Neutral

DA Davidson downgraded shares of Old Second Bancorp (NASDAQ:OSBC) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat.com reports. DA Davidson currently has $17.00 target price on the financial services provider’s stock, down from their previous target price of $19.00. DA Davidson also issued estimates for Old Second Bancorp’s Q3 2024 earnings at $0.46 EPS, FY2024 earnings at $1.85 EPS and FY2025 earnings at $1.70 EPS.

Several other equities analysts have also recently weighed in on OSBC. Raymond James cut Old Second Bancorp from a strong-buy rating to an outperform rating and cut their price target for the company from $19.00 to $18.00 in a report on Tuesday, September 17th. Piper Sandler raised their target price on shares of Old Second Bancorp from $18.00 to $19.50 and gave the company an overweight rating in a report on Friday, July 19th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $17.88.

Old Second Bancorp Trading Up 0.3 %

OSBC stock opened at $15.42 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. Old Second Bancorp has a 1-year low of $13.00 and a 1-year high of $17.46. The business has a 50 day simple moving average of $16.31 and a two-hundred day simple moving average of $14.92. The company has a market capitalization of $691.53 million, a price-to-earnings ratio of 7.83 and a beta of 1.07.

Old Second Bancorp (NASDAQ:OSBC) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The company had revenue of $70.82 million during the quarter, compared to the consensus estimate of $70.03 million. Old Second Bancorp had a net margin of 25.62% and a return on equity of 14.83%. Research analysts anticipate that Old Second Bancorp will post 1.91 EPS for the current fiscal year.

Old Second Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Friday, July 26th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, July 26th. This represents a $0.20 dividend on an annualized basis and a yield of 1.30%. Old Second Bancorp’s dividend payout ratio (DPR) is presently 10.15%.

Insider Transactions at Old Second Bancorp

In related news, Director John Ladowicz sold 30,585 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $16.22, for a total transaction of $496,088.70. Following the sale, the director now owns 189,192 shares in the company, valued at approximately $3,068,694.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Old Second Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OSBC. nVerses Capital LLC purchased a new stake in shares of Old Second Bancorp in the second quarter worth approximately $33,000. Innealta Capital LLC bought a new position in Old Second Bancorp in the 2nd quarter valued at $49,000. Ameritas Investment Partners Inc. increased its stake in Old Second Bancorp by 19.8% in the first quarter. Ameritas Investment Partners Inc. now owns 5,167 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 853 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Old Second Bancorp in the first quarter worth $90,000. Finally, PL Capital Advisors LLC bought a new stake in shares of Old Second Bancorp during the first quarter worth $111,000. 67.76% of the stock is owned by hedge funds and other institutional investors.

About Old Second Bancorp

Old Second Bancorp, Inc operates as the bank holding company for Old Second National Bank that provides community banking services. It offers demand, NOW, money market, savings, time deposit, individual retirement, and checking accounts, as well as certificates of deposit accounts. The company also provides commercial loans; lease financing receivables; commercial real estate loans; construction loans; residential real estate loans, such as residential first mortgage and second mortgage loans; home equity line of credit; consumer loans, including motor vehicle, home improvement, and signature loans; installment and agricultural loans; residential mortgages; and overdraft checking.