Old Second Bancorp (NASDAQ:OSBC) Shares Gap Up – Time to Buy?

Old Second Bancorp, Inc. (NASDAQ:OSBC) shares gapped up before the market opened on Thursday . The stock had previously closed at $16.12, but opened at $16.68. Old Second Bancorp shares last traded at $16.61, with a volume of 23,611 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on OSBC shares. Piper Sandler upped their target price on shares of Old Second Bancorp from $18.00 to $19.50 and gave the company an “overweight” rating in a research note on Friday, July 19th. DA Davidson cut shares of Old Second Bancorp from a “buy” rating to a “neutral” rating and lowered their target price for the company from $19.00 to $17.00 in a research note on Wednesday, September 25th. Finally, Raymond James cut shares of Old Second Bancorp from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $19.00 to $18.00 in a research note on Tuesday, September 17th.

Old Second Bancorp Stock Up 3.2 %

The stock has a market cap of $745.79 million, a PE ratio of 8.43 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The company’s 50-day moving average price is $16.01 and its 200 day moving average price is $15.10.

Old Second Bancorp (NASDAQ:OSBC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.46 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. As a group, analysts forecast that Old Second Bancorp, Inc. will post 1.89 EPS for the current fiscal year.

Old Second Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 25th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, October 25th. This represents a $0.24 annualized dividend and a dividend yield of 1.44%. This is a positive change from Old Second Bancorp’s previous quarterly dividend of $0.05. Old Second Bancorp’s dividend payout ratio is presently 10.15%.

Insider Buying and Selling

In related news, Director John Ladowicz sold 30,585 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 company. nVerses Capital LLC purchased a new stake in Old Second Bancorp in the 2nd quarter worth approximately $33,000. Innealta Capital LLC purchased a new stake in Old Second Bancorp during the 2nd quarter valued at approximately $49,000. Ameritas Investment Partners Inc. grew its holdings in 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 valued at $72,000 after buying an additional 853 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Old Second Bancorp during the 1st quarter valued at approximately $90,000. Finally, PL Capital Advisors LLC purchased a new stake in Old Second Bancorp during the 1st quarter valued at approximately $111,000. 67.76% of the stock is owned by hedge funds and other institutional investors.

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.