Old Second Bancorp (NASDAQ:OSBC) Stock Price Target Lowered at Piper Sandler

Old Second Bancorp (NASDAQ:OSBC) had its price objective reduced by research analysts at Piper Sandler from $30.00 to $29.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler‘s price target points to a potential upside of 18.26% from the stock’s current price.

OSBC has been the subject of several other reports. Weiss Ratings upgraded Old Second Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Wednesday. DA Davidson boosted their price target on shares of Old Second Bancorp from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Zacks Research cut shares of Old Second Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 31st. Finally, Raymond James Financial upgraded shares of Old Second Bancorp from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from $27.00 to $30.00 in a research report on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.75.

Old Second Bancorp Stock Performance

Shares of OSBC opened at $24.52 on Monday. The business’s 50 day moving average price is $25.07 and its 200-day moving average price is $23.39. The stock has a market cap of $1.25 billion, a P/E ratio of 11.57 and a beta of 0.77. Old Second Bancorp has a 52 week low of $17.11 and a 52 week high of $26.06. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.08.

Old Second Bancorp (NASDAQ:OSBC) last announced its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $0.55 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.03). Old Second Bancorp had a net margin of 24.50% and a return on equity of 12.69%. The firm had revenue of $97.12 million for the quarter, compared to the consensus estimate of $98.22 million. Equities research analysts anticipate that Old Second Bancorp will post 2.21 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Darin Campbell sold 24,000 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $25.53, for a total transaction of $612,720.00. Following the sale, the insider directly owned 250,589 shares of the company’s stock, valued at $6,397,537.17. The trade was a 8.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Eccher sold 19,313 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $25.61, for a total transaction of $494,605.93. Following the sale, the chief executive officer owned 303,399 shares of the company’s stock, valued at approximately $7,770,048.39. This represents a 5.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 149,000 shares of company stock worth $3,809,117 over the last 90 days. 3.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large 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. Dimensional Fund Advisors LP boosted its holdings in shares of Old Second Bancorp by 5.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,388,862 shares of the financial services provider’s stock valued at $48,159,000 after buying an additional 127,988 shares during the last quarter. Davis Asset Management L.P. acquired a new position in shares of Old Second Bancorp during the 2nd quarter worth about $41,976,000. The Manufacturers Life Insurance Company bought a new stake in Old Second Bancorp in the second quarter valued at approximately $20,350,000. Finally, Congress Asset Management Co. lifted its stake in shares of Old Second Bancorp by 21.4% during the 3rd quarter. Congress Asset Management Co. now owns 411,201 shares of the financial services provider’s stock worth $10,070,000 after buying an additional 72,551 shares during the last quarter. 67.76% of the stock is currently owned by institutional investors and hedge funds.

About Old Second Bancorp

Old Second Bancorp, Inc is a bank holding company headquartered in Aurora, Illinois. Through its principal subsidiary, Old Second National Bank, the company provides banking and financial services to individuals, families, businesses and governmental entities.

Its offerings include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, commercial and industrial loans, consumer loans, treasury management and cash-management services. The bank also provides wealth management, trust and investment-related services through its financial services operations.

Founded in 1871, Old Second has a long history of serving communities in northern Illinois, including the Fox Valley and Chicago metropolitan area.