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

DA Davidson cut shares of Old Second Bancorp (NASDAQ:OSBC) from a buy rating to a neutral rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage 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.

OSBC has been the subject of several other reports. Piper Sandler upped their price objective on Old Second Bancorp from $18.00 to $19.50 and gave the stock an overweight rating in a research report on Friday, July 19th. 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, September 17th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $17.88.

Old Second Bancorp Stock Up 0.3 %

Old Second Bancorp stock opened at $15.42 on Wednesday. The firm has a market capitalization of $691.53 million, a price-to-earnings ratio of 7.83 and a beta of 1.07. The company’s 50 day simple moving average is $16.29 and its 200 day simple moving average is $14.93. 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 fifty-two week low of $13.00 and a fifty-two week high of $17.46.

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 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 firm had revenue of $70.82 million for the quarter, compared to the consensus estimate of $70.03 million. As a group, sell-side analysts anticipate that Old Second Bancorp will post 1.91 EPS for the current year.

Old Second Bancorp Dividend Announcement

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

Insider Transactions at Old Second Bancorp

In related news, Director John Ladowicz sold 30,585 shares of Old Second Bancorp stock in a transaction that occurred 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 transaction, the director now owns 189,192 shares of the company’s stock, valued at $3,068,694.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Old Second Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Graham Capital Wealth Management LLC purchased a new position in shares of Old Second Bancorp in the 2nd quarter worth about $696,000. Creative Planning lifted its holdings in Old Second Bancorp by 28.9% in the second quarter. Creative Planning now owns 29,597 shares of the financial services provider’s stock worth $438,000 after buying an additional 6,639 shares during the period. Deerfield Management Company L.P. Series C bought a new stake in shares of Old Second Bancorp during the second quarter valued at approximately $759,000. AQR Capital Management LLC grew its position in shares of Old Second Bancorp by 20.1% in the 2nd quarter. AQR Capital Management LLC now owns 307,995 shares of the financial services provider’s stock worth $4,561,000 after buying an additional 51,652 shares during the period. Finally, Davis Asset Management L.P. purchased a new stake in Old Second Bancorp in the second quarter worth about $8,623,000. 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.