Old Second Bancorp (NASDAQ:OSBC) Downgraded by Zacks Research to “Hold”

Zacks Research downgraded shares of Old Second Bancorp (NASDAQ:OSBC) from a strong-buy rating to a hold rating in a research report report published on Monday,Zacks reports.

A number of other brokerages have also commented on OSBC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old Second Bancorp in a report on Wednesday, August 26th. DA Davidson raised 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 report on Friday, July 24th. Piper Sandler reiterated an “overweight” rating and issued a $30.00 price objective (up from $26.00) on shares of Old Second Bancorp in a research note on Monday, July 27th. Finally, Raymond James Financial started coverage on shares of Old Second Bancorp in a report on Tuesday, July 7th. They set an “outperform” rating and a $26.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.40.

Old Second Bancorp Stock Performance

Shares of NASDAQ OSBC opened at $25.08 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.28 billion, a P/E ratio of 14.41 and a beta of 0.70. Old Second Bancorp has a 12 month low of $16.65 and a 12 month high of $26.06. The stock has a 50 day moving average of $24.44 and a 200-day moving average of $22.05.

Old Second Bancorp (NASDAQ:OSBC) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $0.55 EPS for the quarter, hitting the consensus estimate of $0.55. Old Second Bancorp had a net margin of 20.22% and a return on equity of 12.79%. As a group, equities research analysts predict that Old Second Bancorp will post 2.2 EPS for the current 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 issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, July 31st. Old Second Bancorp’s dividend payout ratio (DPR) is currently 16.09%.

Insiders Place Their Bets

In other Old Second Bancorp news, CEO James Eccher sold 55,687 shares of Old Second Bancorp stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $25.46, for a total transaction of $1,417,791.02. Following the completion of the transaction, the chief executive officer owned 322,712 shares in the company, valued at approximately $8,216,247.52. The trade was a 14.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Old Second Bancorp

A number of hedge funds have recently bought and sold shares of the company. Harbour Investments Inc. bought a new position in shares of Old Second Bancorp during the 4th quarter worth approximately $26,000. Rockefeller Capital Management L.P. bought a new stake in Old Second Bancorp during the fourth quarter worth $27,000. EverSource Wealth Advisors LLC boosted its position in Old Second Bancorp by 458.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,480 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,215 shares during the last quarter. Parkside Financial Bank & Trust purchased a new position in Old Second Bancorp in the fourth quarter worth $45,000. Finally, Clearstead Advisors LLC grew its stake in Old Second Bancorp by 793.8% in the 4th quarter. Clearstead Advisors LLC now owns 2,431 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 2,159 shares during the period. 67.76% of the stock is owned by hedge funds and other institutional investors.

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.