Old Second Bancorp (NASDAQ:OSBC) Stock Rating Lowered by Zacks Research

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

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

Old Second Bancorp Stock Performance

Shares of 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 firm’s fifty day simple moving average is $24.44 and its two-hundred day simple moving average is $22.05. Old Second Bancorp has a 12 month low of $16.65 and a 12 month high of $26.06. The stock has a market capitalization of $1.28 billion, a P/E ratio of 14.41 and a beta of 0.70.

Old Second Bancorp (NASDAQ:OSBC) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share for the quarter, hitting the consensus estimate of $0.55. Old Second Bancorp had a return on equity of 12.79% and a net margin of 20.22%. As a group, analysts predict that Old Second Bancorp will post 2.2 EPS for the current year.

Insider Activity at Old Second Bancorp

In related news, CEO James Eccher sold 19,313 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $25.61, for a total value of $494,605.93. Following the completion of the sale, the chief executive officer directly owned 303,399 shares of the company’s stock, valued at $7,770,048.39. The trade was a 5.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 Investors Weigh In On Old Second Bancorp

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Old Second Bancorp during the second quarter valued at approximately $100,245,000. Davis Asset Management L.P. acquired a new stake in Old Second Bancorp in the 2nd quarter valued at $41,976,000. California State Teachers Retirement System grew its position in Old Second Bancorp by 2,453.6% in the 2nd quarter. California State Teachers Retirement System now owns 1,194,987 shares of the financial services provider’s stock valued at $27,867,000 after purchasing an additional 1,148,191 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in Old Second Bancorp in the 2nd quarter valued at $20,350,000. Finally, Boston Partners bought a new stake in Old Second Bancorp during the 4th quarter valued at $15,994,000. Institutional investors and hedge funds own 67.76% of the company’s stock.

About Old Second Bancorp

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.