Old Second Bancorp (NASDAQ:OSBC) Posts Earnings Results, Misses Estimates By $0.03 EPS

Old Second Bancorp (NASDAQ:OSBC) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.03), FiscalAI reports. The business had revenue of $97.12 million for the quarter, compared to analyst estimates of $98.22 million. Old Second Bancorp had a return on equity of 12.69% and a net margin of 24.50%.

Old Second Bancorp Trading Down 0.6%

OSBC stock opened at $24.71 on Friday. 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 12-month low of $17.11 and a 12-month high of $26.06. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 11.46 and a beta of 0.77. The business’s 50-day moving average is $25.10 and its 200 day moving average is $23.36.

Old Second Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Friday, October 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $0.32 dividend on an annualized basis and a yield of 1.3%. This is a boost from Old Second Bancorp’s previous quarterly dividend of $0.07. Old Second Bancorp’s dividend payout ratio is 16.09%.

Insiders Place Their Bets

In other news, 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 value of $494,605.93. Following the transaction, the chief executive officer owned 303,399 shares in the company, valued at $7,770,048.39. This trade represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hugh H. Mclean sold 25,000 shares of Old Second Bancorp stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $25.63, for a total value of $640,750.00. Following the completion of the sale, the director directly owned 135,351 shares in the company, valued at $3,469,046.13. This represents a 15.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 149,000 shares of company stock worth $3,809,117. Corporate insiders own 3.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on OSBC shares. Zacks Research downgraded shares of Old Second Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 31st. Weiss Ratings upgraded shares of Old Second Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday. 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 report on Monday, July 27th. DA Davidson increased their price objective 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. Finally, Raymond James Financial upgraded shares of Old Second Bancorp from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $27.00 to $30.00 in a research note on Tuesday, October 6th. 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.20.

Old Second Bancorp Company Profile

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.