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

Old Second Bancorp (NASDAQ:OSBC) was downgraded by investment analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday, MarketBeat.com reports. They currently have a $17.00 price target on the financial services provider’s stock, down from their prior price target of $19.00. DA Davidson’s target price points to a potential upside of 10.61% from the company’s current price.

OSBC has been the topic of several other research reports. Piper Sandler lifted their target price 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 dropped their price objective for the company 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 MarketBeat, Old Second Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $17.88.

Old Second Bancorp Stock Up 0.5 %

OSBC opened at $15.37 on Wednesday. The company has a market cap of $689.28 million, a PE ratio of 7.80 and a beta of 1.07. Old Second Bancorp has a twelve month low of $13.00 and a twelve month high of $17.46. The company has a 50-day moving average price of $16.31 and a 200 day moving average price of $14.92. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.

Old Second Bancorp (NASDAQ:OSBC) last announced 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 firm had revenue of $70.82 million for the quarter, compared to analyst estimates of $70.03 million. Old Second Bancorp had a net margin of 25.62% and a return on equity of 14.83%. Sell-side analysts expect that Old Second Bancorp will post 1.91 earnings per share for the current fiscal year.

Insider Activity at Old Second Bancorp

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

Institutional Investors Weigh In On Old Second Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. increased its position in shares of Old Second Bancorp by 19.8% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,167 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 853 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Old Second Bancorp by 11.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,632 shares of the financial services provider’s stock worth $245,000 after buying an additional 1,807 shares during the period. Rhumbline Advisers increased its position in shares of Old Second Bancorp by 2.7% during the second quarter. Rhumbline Advisers now owns 73,155 shares of the financial services provider’s stock valued at $1,083,000 after acquiring an additional 1,923 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Old Second Bancorp in the 2nd quarter valued at approximately $33,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Old Second Bancorp by 9.3% in the 2nd quarter. Principal Financial Group Inc. now owns 28,930 shares of the financial services provider’s stock worth $428,000 after acquiring an additional 2,462 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.