Old Second Bancorp, Inc. (NASDAQ:OSBC) Sees Large Increase in Short Interest

Old Second Bancorp, Inc. (NASDAQ:OSBC) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 730,400 shares, an increase of 15.8% from the August 15th total of 631,000 shares. Based on an average daily volume of 280,500 shares, the short-interest ratio is presently 2.6 days.

Old Second Bancorp Price Performance

Shares of OSBC stock traded down $0.03 on Tuesday, reaching $16.69. The company had a trading volume of 28,590 shares, compared to its average volume of 216,974. The stock has a market capitalization of $748.48 million, a PE ratio of 8.49 and a beta of 1.07. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average is $16.25 and its 200 day moving average is $14.79. Old Second Bancorp has a one year low of $13.00 and a one year high of $17.46.

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

Old Second Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Friday, July 26th were issued a $0.05 dividend. 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 1.20%. Old Second Bancorp’s payout ratio is presently 10.15%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OSBC. Raymond James downgraded shares of Old Second Bancorp from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from $19.00 to $18.00 in a research note on Tuesday. DA Davidson raised their target price on shares of Old Second Bancorp from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Piper Sandler raised their price objective on shares of Old Second Bancorp from $18.00 to $19.50 and gave the stock an “overweight” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.38.

Insider Buying and Selling

In related news, Director John Ladowicz sold 30,585 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $16.22, for a total transaction of $496,088.70. Following the completion of the transaction, the director now directly owns 189,192 shares in the company, valued at $3,068,694.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Old Second Bancorp

A number of institutional investors have recently added to or reduced their stakes in OSBC. Davis Asset Management L.P. bought a new stake in shares of Old Second Bancorp in the 2nd quarter valued at about $8,623,000. Dimensional Fund Advisors LP raised its stake in Old Second Bancorp by 13.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,387,175 shares of the financial services provider’s stock worth $21,419,000 after buying an additional 167,355 shares during the last quarter. American Century Companies Inc. lifted its holdings in Old Second Bancorp by 19.7% in the second quarter. American Century Companies Inc. now owns 800,187 shares of the financial services provider’s stock valued at $11,851,000 after buying an additional 131,623 shares during the period. Wellington Management Group LLP boosted its position in Old Second Bancorp by 50.5% during the fourth quarter. Wellington Management Group LLP now owns 387,800 shares of the financial services provider’s stock valued at $5,988,000 after acquiring an additional 130,200 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Old Second Bancorp by 9.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,061,824 shares of the financial services provider’s stock worth $16,395,000 after acquiring an additional 91,442 shares during the period. 67.76% of the stock is owned by institutional investors.

Old Second Bancorp Company Profile

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.