Old Second Bancorp (NASDAQ:OSBC) Stock Rating Raised to “Strong-Buy” at Raymond James Financial

Raymond James Financial upgraded shares of Old Second Bancorp (NASDAQ:OSBC) from an outperform rating to a strong-buy rating in a research note published on Tuesday, Marketbeat.com reports. They currently have $30.00 price objective on the financial services provider’s stock, up from their prior price objective of $27.00.

OSBC has been the topic of a number of other research reports. Zacks Research lowered Old Second Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 31st. DA Davidson upped their price target on Old Second Bancorp from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Piper Sandler reaffirmed an “overweight” rating and set a $30.00 price target (up from $26.00) on shares of Old Second Bancorp in a research note on Monday, July 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Old Second Bancorp in a report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Old Second Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $26.20.

Old Second Bancorp Price Performance

OSBC stock opened at $25.05 on Tuesday. The stock has a 50-day moving average price of $25.28 and a two-hundred day moving average price of $22.95. The stock has a market cap of $1.27 billion, a PE ratio of 14.40 and a beta of 0.77. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.08. Old Second Bancorp has a 1 year low of $16.65 and a 1 year high of $26.06.

Old Second Bancorp (NASDAQ:OSBC) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.55 EPS for the quarter, meeting analysts’ consensus estimates of $0.55. Old Second Bancorp had a return on equity of 12.79% and a net margin of 20.22%. Equities analysts forecast that Old Second Bancorp will post 2.21 EPS for the current fiscal year.

Old Second Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Friday, July 31st were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, July 31st. Old Second Bancorp’s dividend payout ratio (DPR) is presently 16.09%.

Insider Transactions at Old Second Bancorp

In related news, Director Hugh McLean sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $25.73, for a total transaction of $643,250.00. Following the transaction, the director directly owned 135,351 shares of the company’s stock, valued at approximately $3,482,581.23. The trade was a 15.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Eccher sold 55,687 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $25.46, for a total value of $1,417,791.02. Following the sale, the chief executive officer directly owned 322,712 shares of the company’s stock, valued at $8,216,247.52. This represents a 14.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 149,000 shares of company stock worth $3,809,117. 3.60% of the stock is owned by company insiders.

Institutional Trading of Old Second Bancorp

Several institutional investors have recently added to or reduced their stakes in OSBC. BlackRock Inc. bought a new position in Old Second Bancorp during the second quarter worth about $100,245,000. Davis Asset Management L.P. bought a new stake in Old Second Bancorp in the 2nd quarter valued at about $41,976,000. The Manufacturers Life Insurance Company acquired a new position in shares of Old Second Bancorp during the 2nd quarter worth approximately $20,350,000. River Street Advisors LLC grew its position in shares of Old Second Bancorp by 104.0% during the 1st quarter. River Street Advisors LLC now owns 746,660 shares of the financial services provider’s stock worth $15,053,000 after purchasing an additional 380,589 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Old Second Bancorp during the 2nd quarter worth approximately $8,690,000. 67.76% of the stock is currently owned by institutional investors.

About Old Second Bancorp

Old Second Bancorp, Inc (NASDAQ: OSBC) is a bank holding company headquartered in Aurora, Illinois. Through its principal subsidiary, Old Second National Bank, the company provides community banking services to individuals, families, businesses and institutions.

The bank offers a range of financial products and services, including commercial and residential real estate lending, business and consumer loans, checking and savings accounts, certificates of deposit, treasury management and online and mobile banking.