Zacks Investment Research upgraded shares of Old Second Bancorp, Inc. (NASDAQ:OSBC) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning. The brokerage currently has $16.00 price objective on the financial services provider’s stock.
According to Zacks, “Old Second Bancorp Inc.’s full service banking businesses include the customary consumer and commercial products and services which banks provide. The following services are included: demand, savings, time deposit, individual retirement and Keogh deposit accounts; commercial, industrial, consumer and real estate lending, including installment loans, student loans, farm loans, lines of credit and overdraft checking; safe deposit operations; trust services; and an extensive variety of additional services tailored to the needs of individual customers. “
Several other analysts have also recently commented on OSBC. ValuEngine cut Old Second Bancorp from a buy rating to a hold rating in a report on Saturday, October 21st. BidaskClub cut Old Second Bancorp from a buy rating to a hold rating in a report on Friday, August 11th. DA Davidson assumed coverage on Old Second Bancorp in a report on Friday, September 1st. They issued a neutral rating and a $13.00 price target for the company. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $11.50 price target on shares of Old Second Bancorp in a report on Tuesday, October 3rd. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $13.50.
Shares of Old Second Bancorp (OSBC) traded up 1.42% on Wednesday, hitting $14.30. The stock had a trading volume of 54,934 shares. Old Second Bancorp has a one year low of $7.65 and a one year high of $14.90. The company has a market cap of $423.67 million, a price-to-earnings ratio of 23.06 and a beta of 1.38. The firm’s 50-day moving average is $12.95 and its 200-day moving average is $11.97.
Old Second Bancorp (NASDAQ:OSBC) last posted its quarterly earnings results on Wednesday, October 18th. The financial services provider reported $0.27 EPS for the quarter, beating the consensus estimate of $0.19 by $0.08. Old Second Bancorp had a return on equity of 10.30% and a net margin of 16.82%. On average, analysts expect that Old Second Bancorp will post $0.81 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 6th. Investors of record on Friday, October 27th will be issued a dividend of $0.01 per share. The ex-dividend date is Thursday, October 26th. This represents a $0.04 annualized dividend and a yield of 0.28%. Old Second Bancorp’s dividend payout ratio is presently 6.45%.
In related news, CEO William B. Skoglund sold 3,850 shares of Old Second Bancorp stock in a transaction on Monday, September 18th. The stock was sold at an average price of $12.13, for a total transaction of $46,700.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Kane sold 10,000 shares of Old Second Bancorp stock in a transaction on Monday, August 7th. The stock was sold at an average price of $11.98, for a total value of $119,800.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 5,550 shares of company stock valued at $62,594 and have sold 60,446 shares valued at $754,470. Insiders own 3.60% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Menta Capital LLC acquired a new position in Old Second Bancorp during the first quarter worth $141,000. Ameritas Investment Partners Inc. raised its holdings in Old Second Bancorp by 440.1% during the second quarter. Ameritas Investment Partners Inc. now owns 12,282 shares of the financial services provider’s stock worth $141,000 after purchasing an additional 10,008 shares during the last quarter. Virtu KCG Holdings LLC acquired a new position in Old Second Bancorp during the second quarter worth $161,000. Prudential Financial Inc. raised its holdings in Old Second Bancorp by 7.4% during the first quarter. Prudential Financial Inc. now owns 16,040 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 1,100 shares during the last quarter. Finally, American International Group Inc. raised its holdings in Old Second Bancorp by 7.1% during the first quarter. American International Group Inc. now owns 17,704 shares of the financial services provider’s stock worth $199,000 after purchasing an additional 1,175 shares during the last quarter. 65.60% of the stock is owned by hedge funds and other institutional investors.
About Old Second Bancorp
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