Old Second Bancorp (NASDAQ:OSBC) Price Target Raised to $23.00 at Piper Sandler

Old Second Bancorp (NASDAQ:OSBC) had its target price hoisted by Piper Sandler from $22.50 to $23.00 in a research report report published on Friday, Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Several other brokerages have also recently weighed in on OSBC. DA Davidson cut Old Second Bancorp from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $19.00 to $17.00 in a research note on Wednesday, September 25th. Raymond James downgraded 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 report on Tuesday, September 17th.

Old Second Bancorp Price Performance

OSBC stock opened at $16.36 on Friday. Old Second Bancorp has a 52 week low of $13.00 and a 52 week high of $17.46. The firm has a market capitalization of $733.68 million, a P/E ratio of 8.30 and a beta of 1.06. The company has a fifty day simple moving average of $16.10 and a two-hundred day simple moving average of $15.18. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.

Old Second Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 25th will be given a $0.06 dividend. This is a positive change from Old Second Bancorp’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Friday, October 25th. Old Second Bancorp’s dividend payout ratio is 12.18%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Wellington Management Group LLP raised its holdings in shares of Old Second Bancorp by 50.5% in the fourth quarter. Wellington Management Group LLP now owns 387,800 shares of the financial services provider’s stock worth $5,988,000 after buying an additional 130,200 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Old Second Bancorp during the fourth quarter worth $172,000. HighPoint Advisor Group LLC bought a new stake in shares of Old Second Bancorp during the fourth quarter worth $197,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Old Second Bancorp during the first quarter valued at $90,000. Finally, Principal Financial Group Inc. bought a new position in shares of Old Second Bancorp in the first quarter worth about $366,000. Hedge funds and other institutional investors own 67.76% of the company’s stock.

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.