Raymond James Downgrades Old Second Bancorp (NASDAQ:OSBC) to Outperform

Old Second Bancorp (NASDAQ:OSBC) was downgraded by investment analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a research report issued on Tuesday, MarketBeat Ratings reports. They presently have a $18.00 price objective on the financial services provider’s stock, down from their previous price objective of $19.00. Raymond James’ target price would suggest a potential upside of 8.37% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. Piper Sandler raised their price objective on Old Second Bancorp from $18.00 to $19.50 and gave the stock an “overweight” rating in a research report on Friday, July 19th. DA Davidson lifted their price target on Old Second Bancorp from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Old Second Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $18.38.

Old Second Bancorp Price Performance

Old Second Bancorp stock opened at $16.61 on Tuesday. Old Second Bancorp has a 1 year low of $13.00 and a 1 year high of $17.46. The stock has a market cap of $744.89 million, a price-to-earnings ratio of 8.43 and a beta of 1.07. The firm has a 50-day moving average of $16.32 and a two-hundred day moving average of $14.82. 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 quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). Old Second Bancorp had a net margin of 25.62% and a return on equity of 14.83%. The business had revenue of $70.82 million for the quarter, compared to analysts’ expectations of $70.03 million. On average, research analysts forecast that Old Second Bancorp will post 1.91 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director John Ladowicz sold 30,585 shares of the company’s stock in a transaction dated 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 sale, the director now owns 189,192 shares of the company’s stock, valued at approximately $3,068,694.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.80% of the stock is owned by company insiders.

Institutional Trading of Old Second Bancorp

Hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Old Second Bancorp by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 379,626 shares of the financial services provider’s stock valued at $5,861,000 after purchasing an additional 10,827 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in 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 during the period. Great Lakes Advisors LLC raised its holdings in shares of Old Second Bancorp by 6.9% in the fourth quarter. Great Lakes Advisors LLC now owns 184,195 shares of the financial services provider’s stock valued at $2,844,000 after buying an additional 11,853 shares during the last quarter. Quest Partners LLC acquired a new stake in Old Second Bancorp during the 4th quarter worth approximately $396,000. Finally, Campbell & CO Investment Adviser LLC grew its stake in shares of Old Second Bancorp by 90.0% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 69,265 shares of the financial services provider’s stock valued at $1,069,000 after purchasing an additional 32,815 shares during 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.