Raymond James Upgrades Old Second Bancorp (NASDAQ:OSBC) to “Strong-Buy”

Old Second Bancorp (NASDAQ:OSBC) was upgraded by equities researchers at Raymond James from a “moderate buy” rating to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

OSBC has been the topic of a number of other research reports. Piper Sandler increased their target price on Old Second Bancorp from $22.50 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. DA Davidson set a $18.00 price target on shares of Old Second Bancorp in a research note on Thursday, October 17th.

Old Second Bancorp Stock Performance

Shares of NASDAQ:OSBC opened at $17.66 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. Old Second Bancorp has a 12 month low of $13.00 and a 12 month high of $19.37. The company has a market capitalization of $792.10 million, a price-to-earnings ratio of 9.55 and a beta of 1.08. The firm’s 50-day moving average is $17.76 and its 200 day moving average is $16.33.

Old Second Bancorp (NASDAQ:OSBC) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Old Second Bancorp had a return on equity of 13.81% and a net margin of 25.02%. The firm had revenue of $71.16 million for the quarter, compared to analysts’ expectations of $70.95 million. Research analysts predict that Old Second Bancorp will post 1.95 EPS for the current year.

Institutional Trading of Old Second Bancorp

Hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new position in Old Second Bancorp during the 2nd quarter valued at about $33,000. Innealta Capital LLC purchased a new position in Old Second Bancorp during the second quarter valued at approximately $49,000. Quantbot Technologies LP raised its stake in Old Second Bancorp by 134.0% in the third quarter. Quantbot Technologies LP now owns 6,264 shares of the financial services provider’s stock worth $98,000 after buying an additional 3,587 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in Old Second Bancorp during the third quarter worth $101,000. Finally, CWM LLC boosted its position in Old Second Bancorp by 36.3% during the 3rd quarter. CWM LLC now owns 7,966 shares of the financial services provider’s stock valued at $124,000 after acquiring an additional 2,123 shares in the last quarter. 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.