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

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

Several other equities research analysts have also recently commented on the company. Piper Sandler raised their target price on Old Second Bancorp from $18.00 to $19.50 and gave the stock an overweight rating in a research note on Friday, July 19th. DA Davidson raised their target price on Old Second Bancorp from $16.00 to $19.00 and gave the stock a buy rating in a research note on Friday, July 19th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $18.38.

Old Second Bancorp Price Performance

Shares of OSBC opened at $16.25 on Tuesday. Old Second Bancorp has a 1 year low of $13.00 and a 1 year 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 company has a market capitalization of $728.75 million, a price-to-earnings ratio of 8.25 and a beta of 1.07. The business has a 50-day moving average of $16.36 and a 200-day moving average of $14.85.

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 analysts’ consensus estimates of $0.48 by ($0.02). Old Second Bancorp had a return on equity of 14.83% and a net margin of 25.62%. The company had revenue of $70.82 million for the quarter, compared to the consensus estimate of $70.03 million. As a group, equities research analysts anticipate that Old Second Bancorp will post 1.91 earnings per share for the current year.

Old Second Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Friday, July 26th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $0.20 dividend on an annualized basis and a yield of 1.23%. Old Second Bancorp’s dividend payout ratio (DPR) is presently 10.15%.

Insider Buying and Selling at Old Second Bancorp

In other Old Second Bancorp news, Director John Ladowicz sold 30,585 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was 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 owns 189,192 shares of the company’s stock, valued at $3,068,694.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OSBC. Graham Capital Wealth Management LLC bought a new stake in Old Second Bancorp during the second quarter worth $696,000. Creative Planning grew its position in shares of Old Second Bancorp by 28.9% in the second quarter. Creative Planning now owns 29,597 shares of the financial services provider’s stock valued at $438,000 after purchasing an additional 6,639 shares in the last quarter. Deerfield Management Company L.P. Series C purchased a new position in shares of Old Second Bancorp in the second quarter valued at $759,000. AQR Capital Management LLC grew its position in shares of Old Second Bancorp by 20.1% in the second quarter. AQR Capital Management LLC now owns 307,995 shares of the financial services provider’s stock valued at $4,561,000 after purchasing an additional 51,652 shares in the last quarter. Finally, Davis Asset Management L.P. purchased a new position in Old Second Bancorp during the second quarter worth about $8,623,000. 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.