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

Raymond James cut shares of Old Second Bancorp (NASDAQ:OSBC) from a strong-buy rating to an outperform rating in a research note published on Tuesday, MarketBeat Ratings reports. Raymond James currently has $18.00 price objective on the financial services provider’s stock, down from their prior price objective of $19.00.

A number of other analysts have also weighed in on OSBC. DA Davidson raised their target price on shares of Old Second Bancorp from $16.00 to $19.00 and gave the company a buy rating in a research report on Friday, July 19th. Piper Sandler raised 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 report on Friday, July 19th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Old Second Bancorp currently has an average rating of Moderate Buy and an average target price of $18.38.

Old Second Bancorp Stock Performance

Shares of Old Second Bancorp stock opened at $16.55 on Tuesday. Old Second Bancorp has a fifty-two week low of $13.00 and a fifty-two week high of $17.46. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $742.20 million, a P/E ratio of 8.40 and a beta of 1.07. The company’s 50 day moving average price is $16.29 and its two-hundred day moving average price is $14.81.

Old Second Bancorp (NASDAQ:OSBC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $70.82 million during the quarter, compared to analyst estimates of $70.03 million. On average, equities analysts forecast that Old Second Bancorp will post 1.91 earnings per share for the current fiscal year.

Old Second Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Friday, July 26th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, July 26th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.21%. Old Second Bancorp’s dividend payout ratio (DPR) is presently 10.15%.

Insider Transactions at Old Second Bancorp

In other news, Director John Ladowicz sold 30,585 shares of Old Second Bancorp 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 transaction, the director now owns 189,192 shares in the company, valued at $3,068,694.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Old Second Bancorp

Hedge funds have recently bought and sold shares of the company. Quest Partners LLC bought a new position in Old Second Bancorp during the fourth quarter worth $396,000. Vanguard Group Inc. raised its stake in Old Second Bancorp by 1.9% during the first quarter. Vanguard Group Inc. now owns 2,423,983 shares of the financial services provider’s stock worth $33,548,000 after buying an additional 45,955 shares during the last quarter. Banc Funds Co. LLC raised its stake in Old Second Bancorp by 3.7% during the fourth quarter. Banc Funds Co. LLC now owns 2,126,262 shares of the financial services provider’s stock worth $32,829,000 after buying an additional 74,952 shares during the last quarter. Boston Partners raised its stake in Old Second Bancorp by 300.6% during the first quarter. Boston Partners now owns 55,735 shares of the financial services provider’s stock worth $771,000 after buying an additional 41,821 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in Old Second Bancorp during the second quarter worth $260,000. Institutional investors 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.