Old Second Bancorp (NASDAQ:OSBC) Stock Gets Price Target Cut from Piper Sandler

Old Second Bancorp (NASDAQ:OSBC) had its target price lowered by Piper Sandler from $30.00 to $29.00 in a report released on Monday morning, Marketbeat.com reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities analysts have also recently issued reports on the stock. DA Davidson boosted their price objective on shares of Old Second Bancorp from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Weiss Ratings raised shares of Old Second Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday, October 21st. Raymond James Financial upgraded shares of Old Second Bancorp from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $27.00 to $30.00 in a report on Tuesday, October 6th. Finally, Zacks Research lowered shares of Old Second Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 31st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $26.75.

Old Second Bancorp Stock Down 0.8%

Shares of Old Second Bancorp stock opened at $24.41 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.91 and a current ratio of 0.91. Old Second Bancorp has a 52-week low of $17.11 and a 52-week high of $26.06. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 11.51 and a beta of 0.77. The company’s 50 day moving average price is $25.00 and its 200-day moving average price is $22.45.

Old Second Bancorp (NASDAQ:OSBC) last issued its earnings results 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). The firm had revenue of $97.12 million during the quarter, compared to analysts’ expectations of $98.22 million. Old Second Bancorp had a return on equity of 12.69% and a net margin of 24.50%. Equities research analysts forecast that Old Second Bancorp will post 2.21 EPS for the current year.

Old Second Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Friday, October 30th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, October 30th. This is an increase from Old Second Bancorp’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a yield of 1.3%. Old Second Bancorp’s payout ratio is presently 15.09%.

Insiders Place Their Bets

In other Old Second Bancorp news, insider Darin Campbell sold 24,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $25.53, for a total transaction of $612,720.00. Following the completion of the transaction, the insider owned 250,589 shares of the company’s stock, valued at approximately $6,397,537.17. This trade represents 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 accessible through this link. Also, Director Hugh McLean sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $25.63, for a total transaction of $640,750.00. Following the transaction, the director directly owned 135,351 shares of the company’s stock, valued at $3,469,046.13. This represents a 15.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 149,000 shares of company stock worth $3,809,117. 3.60% of the stock is currently owned by company insiders.

Institutional Trading of Old Second Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in OSBC. Rockefeller Capital Management L.P. bought a new position in Old Second Bancorp during the 4th quarter valued at approximately $27,000. Integrated Wealth Concepts LLC purchased a new position in Old Second Bancorp during the second quarter valued at $44,000. Parallel Advisors LLC raised its stake in Old Second Bancorp by 181.3% during the first quarter. Parallel Advisors LLC now owns 2,622 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,690 shares during the last quarter. USA Financial Formulas bought a new stake in Old Second Bancorp in the third quarter worth $73,000. Finally, NewEdge Advisors LLC bought a new stake in Old Second Bancorp in the second quarter worth $202,000. Hedge funds and other institutional investors own 67.76% of the company’s stock.

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.