Old Second Bancorp (NASDAQ:OSBC) Downgraded to Hold Rating by Zacks Research

Key Points

• Zacks Research downgraded Old Second Bancorp from “strong buy” to “hold,” though the broader analyst consensus remains “Moderate Buy” with an average price target of $25.40.
• OSBC shares opened at $25.08, near their 12-month high of $26.06. The company recently reported quarterly EPS of $0.55, in line with analyst expectations.
• CEO James Eccher sold 55,687 shares worth approximately $1.42 million under a pre-arranged trading plan, while institutional investors own 67.76% of the company.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday, Zacks reports.

Other equities research analysts have also recently issued research reports about the stock. Raymond James Financial began coverage on shares of Old Second Bancorp in a research report on Tuesday, July 7th. They set an "outperform" rating and a $26.00 price target for the company. DA Davidson raised their price objective on shares of Old Second Bancorp from $24.00 to $25.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Old Second Bancorp in a report on Wednesday, August 26th. Finally, Piper Sandler reissued an "overweight" rating and issued a $30.00 price target (up from $26.00) on shares of Old Second Bancorp in a research note on Monday, July 27th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $25.40.

Old Second Bancorp Stock Performance

Shares of OSBC opened at $25.08 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.08. Old Second Bancorp has a 12-month low of $16.65 and a 12-month high of $26.06. The firm has a market capitalization of $1.28 billion, a PE ratio of 14.41 and a beta of 0.70. The stock's fifty day simple moving average is $24.44 and its 200-day simple moving average is $22.05.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.55 EPS for the quarter, hitting analysts' consensus estimates of $0.55. Old Second Bancorp had a return on equity of 12.79% and a net margin of 20.22%. As a group, research analysts predict that Old Second Bancorp will post 2.2 earnings per share for the current year.

Insider Buying and Selling at Old Second Bancorp

In other news, CEO James Eccher sold 55,687 shares of Old Second Bancorp stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $25.46, for a total transaction of $1,417,791.02. Following the transaction, the chief executive officer directly owned 322,712 shares of the company's stock, valued at $8,216,247.52. This trade represents a 14.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Old Second Bancorp during the second quarter worth about $100,245,000. Vanguard Group Inc. grew its position in shares of Old Second Bancorp by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 3,278,388 shares of the financial services provider's stock valued at $63,929,000 after purchasing an additional 8,395 shares during the period. Dimensional Fund Advisors LP increased its stake in Old Second Bancorp by 5.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,388,862 shares of the financial services provider's stock worth $48,159,000 after purchasing an additional 127,988 shares in the last quarter. FJ Capital Management LLC raised its holdings in Old Second Bancorp by 4.5% during the 3rd quarter. FJ Capital Management LLC now owns 1,919,934 shares of the financial services provider's stock worth $33,186,000 after buying an additional 82,601 shares during the period. Finally, Davis Asset Management L.P. bought a new position in Old Second Bancorp in the second quarter valued at approximately $41,976,000. 67.76% of the stock is owned by institutional investors and hedge funds.

Old Second Bancorp Company Profile

Old Second Bancorp, Inc is a bank holding company based in Aurora, Illinois, serving businesses and consumers through its primary subsidiary, Old Second National Bank. The company provides a broad range of commercial and retail banking services across the suburban Chicago marketplace, supported by a branch network and online platforms designed to meet the financial needs of local communities.

In its commercial banking division, Old Second offers lending solutions that include lines of credit, term loans, equipment financing and commercial real estate financing.

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