Old Second Bancorp (NASDAQ:OSBC) Downgraded to “Neutral” at DA Davidson

Old Second Bancorp (NASDAQ:OSBC) was downgraded by analysts at DA Davidson from a “buy” rating to a “neutral” rating in a report issued on Wednesday, Briefing.com reports. They currently have a $17.00 target price on the financial services provider’s stock, down from their previous target price of $19.00. DA Davidson’s target price would suggest a potential upside of 4.49% from the company’s previous close.

OSBC has been the subject of a number of other reports. Piper Sandler increased 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. Raymond James cut shares of Old Second Bancorp from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the stock from $19.00 to $18.00 in a research note on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Old Second Bancorp has a consensus rating of “Moderate Buy” and an average price target of $17.88.

Old Second Bancorp Stock Up 0.9 %

OSBC opened at $16.27 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Old Second Bancorp has a 1-year low of $13.00 and a 1-year high of $17.46. The company has a market capitalization of $729.71 million, a PE ratio of 8.26 and a beta of 1.07. The firm’s 50 day simple moving average is $16.36 and its two-hundred day simple moving average is $14.91.

Old Second Bancorp (NASDAQ:OSBC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The firm had revenue of $70.82 million during 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, equities analysts forecast that Old Second Bancorp will post 1.91 EPS for the current year.

Insider Activity at Old Second Bancorp

In related news, Director John Ladowicz sold 30,585 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $16.22, for a total transaction of $496,088.70. Following the completion of the transaction, the director now directly owns 189,192 shares of the company’s stock, valued at $3,068,694.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Old Second Bancorp

Several institutional investors have recently bought and sold shares of the stock. Davis Asset Management L.P. bought a new stake in Old Second Bancorp in the 2nd quarter worth approximately $8,623,000. Dimensional Fund Advisors LP grew its holdings in shares of Old Second Bancorp by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,387,175 shares of the financial services provider’s stock valued at $21,419,000 after purchasing an additional 167,355 shares in the last quarter. American Century Companies Inc. increased its position in Old Second Bancorp by 19.7% in the second quarter. American Century Companies Inc. now owns 800,187 shares of the financial services provider’s stock worth $11,851,000 after purchasing an additional 131,623 shares during the last quarter. Wellington Management Group LLP raised its stake in Old Second Bancorp by 50.5% during the fourth quarter. Wellington Management Group LLP now owns 387,800 shares of the financial services provider’s stock valued at $5,988,000 after purchasing an additional 130,200 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Old Second Bancorp by 9.4% during 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 last quarter. 67.76% of the stock is owned by hedge funds and other institutional investors.

Old Second Bancorp Company Profile

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.