Old Second Bancorp (NASDAQ:OSBC) Downgraded by DA Davidson

DA Davidson downgraded shares of Old Second Bancorp (NASDAQ:OSBC) from a buy rating to a neutral rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. They currently have $17.00 target price on the financial services provider’s stock, down from their prior target price of $19.00. DA Davidson also issued estimates for Old Second Bancorp’s Q3 2024 earnings at $0.46 EPS, FY2024 earnings at $1.85 EPS and FY2025 earnings at $1.70 EPS.

Several other equities analysts have also commented on OSBC. Raymond James lowered shares of Old Second Bancorp from a strong-buy rating to an outperform rating and decreased their price objective for the company from $19.00 to $18.00 in a research report on Tuesday, September 17th. Piper Sandler raised their price objective on shares of Old Second Bancorp from $18.00 to $19.50 and gave the stock an overweight rating in a research note on Friday, July 19th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $17.88.

Old Second Bancorp Trading Up 0.3 %

Shares of NASDAQ OSBC opened at $15.42 on Wednesday. The stock has a market capitalization of $691.53 million, a P/E ratio of 7.83 and a beta of 1.07. The business’s 50 day moving average is $16.29 and its two-hundred day moving average is $14.93. Old Second Bancorp has a 1-year low of $13.00 and a 1-year high of $17.46. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07.

Old Second Bancorp (NASDAQ:OSBC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The company had revenue of $70.82 million for the quarter, compared to analysts’ expectations of $70.03 million. Old Second Bancorp had a return on equity of 14.83% and a net margin of 25.62%. As a group, research analysts expect that Old Second Bancorp will post 1.91 EPS for the current year.

Old Second Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Friday, July 26th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Friday, July 26th. Old Second Bancorp’s dividend payout ratio (DPR) is currently 10.15%.

Insider Transactions at Old Second Bancorp

In other news, Director John Ladowicz sold 30,585 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $16.22, for a total value of $496,088.70. Following the completion of the sale, the director now directly owns 189,192 shares of the company’s stock, valued at approximately $3,068,694.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Old Second Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Old Second Bancorp by 1.9% during the first quarter. Vanguard Group Inc. now owns 2,423,983 shares of the financial services provider’s stock worth $33,548,000 after acquiring an additional 45,955 shares during the period. Banc Funds Co. LLC grew its stake in shares of Old Second Bancorp by 3.7% during the 4th quarter. Banc Funds Co. LLC now owns 2,126,262 shares of the financial services provider’s stock worth $32,829,000 after purchasing an additional 74,952 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Old Second Bancorp by 8.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,700,810 shares of the financial services provider’s stock valued at $25,188,000 after purchasing an additional 138,253 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Old Second Bancorp by 9.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,061,824 shares of the financial services provider’s stock valued at $16,395,000 after purchasing an additional 91,442 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Old Second Bancorp by 19.7% during the second quarter. American Century Companies Inc. now owns 800,187 shares of the financial services provider’s stock worth $11,851,000 after buying an additional 131,623 shares in the last quarter. Institutional investors and hedge funds own 67.76% of the company’s stock.

About Old Second Bancorp

Old Second Bancorp, Inc operates as the bank holding company for Old Second National Bank that provides community banking services. It offers demand, NOW, money market, savings, time deposit, individual retirement, and checking accounts, as well as certificates of deposit accounts. The company also provides commercial loans; lease financing receivables; commercial real estate loans; construction loans; residential real estate loans, such as residential first mortgage and second mortgage loans; home equity line of credit; consumer loans, including motor vehicle, home improvement, and signature loans; installment and agricultural loans; residential mortgages; and overdraft checking.