Old Second Bancorp (NASDAQ:OSBC) Cut to Hold at Zacks Research

Old Second Bancorp (NASDAQ:OSBC) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks reports.

Several other research firms have also issued reports on OSBC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old Second Bancorp in a research report on Wednesday, August 26th. Raymond James Financial began coverage on Old Second Bancorp in a research report on Tuesday, July 7th. They set an “outperform” rating and a $26.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $30.00 price objective (up from $26.00) on shares of Old Second Bancorp in a research report on Monday, July 27th. Finally, DA Davidson lifted their target price on Old Second Bancorp from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.40.

Old Second Bancorp Stock Performance

OSBC opened at $25.08 on Monday. Old Second Bancorp has a 52-week low of $16.65 and a 52-week high of $26.06. The firm has a market capitalization of $1.28 billion, a PE ratio of 14.41 and a beta of 0.70. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.91 and a current ratio of 0.91. The business’s 50-day simple moving average is $24.44 and its 200 day simple moving average is $22.05.

Old Second Bancorp (NASDAQ:OSBC) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share 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%. As a group, sell-side analysts expect that Old Second Bancorp will post 2.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO James Eccher sold 19,313 shares of the business’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 completion of the sale, the chief executive officer owned 303,399 shares in the company, valued at $7,770,048.39. The trade was a 5.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Old Second Bancorp during the 2nd quarter worth $100,245,000. Vanguard Group Inc. boosted its position in shares of Old Second Bancorp by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 3,278,388 shares of the financial services provider’s stock valued at $63,929,000 after acquiring an additional 8,395 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Old Second Bancorp by 5.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,388,862 shares of the financial services provider’s stock valued at $48,159,000 after acquiring an additional 127,988 shares in the last quarter. FJ Capital Management LLC increased its position in Old Second Bancorp by 4.5% during the third quarter. FJ Capital Management LLC now owns 1,919,934 shares of the financial services provider’s stock worth $33,186,000 after acquiring an additional 82,601 shares during the period. Finally, Davis Asset Management L.P. bought a new position in Old Second Bancorp during the second quarter worth about $41,976,000. 67.76% of the stock is owned by institutional investors and hedge funds.

Old Second Bancorp Company Profile

Old Second Bancorp, Inc is a bank holding company based in Aurora, Illinois, serving businesses and consumers through its primary subsidiary, Old Second National Bank. The company provides a broad range of commercial and retail banking services across the suburban Chicago marketplace, supported by a branch network and online platforms designed to meet the financial needs of local communities.

In its commercial banking division, Old Second offers lending solutions that include lines of credit, term loans, equipment financing and commercial real estate financing.