Old Second Bancorp (NASDAQ:OSBC) Cut to Outperform at Raymond James

Raymond James lowered shares of Old Second Bancorp (NASDAQ:OSBC) from a strong-buy rating to an outperform rating in a research report report published on Tuesday, MarketBeat reports. Raymond James currently has $18.00 target price on the financial services provider’s stock, down from their previous target price of $19.00.

OSBC has been the topic of several other reports. Piper Sandler upped their target price on shares of Old Second Bancorp from $18.00 to $19.50 and gave the stock an overweight rating in a research note on Friday, July 19th. DA Davidson upped their price objective on Old Second Bancorp from $16.00 to $19.00 and gave the stock a buy rating in a research report on Friday, July 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Old Second Bancorp has a consensus rating of Moderate Buy and an average price target of $18.38.

Old Second Bancorp Trading Up 0.7 %

OSBC opened at $16.73 on Tuesday. Old Second Bancorp has a 52 week low of $13.00 and a 52 week high of $17.46. 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 has a fifty day simple moving average of $16.35 and a 200-day simple moving average of $14.84. The firm has a market cap of $750.27 million, a P/E ratio of 8.49 and a beta of 1.07.

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

Old Second Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Friday, July 26th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date was Friday, July 26th. Old Second Bancorp’s dividend payout ratio is presently 10.15%.

Insider Activity

In related news, Director John Ladowicz sold 30,585 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were 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 owns 189,192 shares in the company, valued at $3,068,694.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Old Second Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OSBC. Charles Schwab Investment Management Inc. boosted its holdings in shares of Old Second Bancorp by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 379,626 shares of the financial services provider’s stock valued at $5,861,000 after buying an additional 10,827 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Old Second Bancorp by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,387,175 shares of the financial services provider’s stock valued at $21,419,000 after acquiring an additional 167,355 shares in the last quarter. Great Lakes Advisors LLC boosted its stake in Old Second Bancorp by 6.9% in the fourth quarter. Great Lakes Advisors LLC now owns 184,195 shares of the financial services provider’s stock valued at $2,844,000 after acquiring an additional 11,853 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Old Second Bancorp during the fourth quarter worth about $396,000. Finally, Campbell & CO Investment Adviser LLC increased its position in shares of Old Second Bancorp by 90.0% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 69,265 shares of the financial services provider’s stock worth $1,069,000 after purchasing an additional 32,815 shares in the last quarter. 67.76% of the stock is owned by institutional investors and hedge funds.

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.