Old Second Bancorp (NASDAQ:OSBC) Raised to "Strong-Buy" at Raymond James Financial

Key Points

• Raymond James upgraded Old Second Bancorp to “strong buy” from “outperform” and set a $30 price target, implying 20.63% upside from the reported $24.87 share price.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $26.20; Piper Sandler also raised its target to $30.
• The company met quarterly earnings expectations with EPS of $0.55, while insiders sold 149,000 shares worth about $3.81 million over the past 90 days. Institutional investors own 67.76% of the stock.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) was upgraded by analysts at Raymond James Financial from an "outperform" rating to a "strong-buy" rating in a note issued to investors on Tuesday, Briefing.com reports. The brokerage currently has a $30.00 price target on the financial services provider's stock. Raymond James Financial's target price would suggest a potential upside of 20.63% from the stock's current price.

Other research analysts have also issued research reports about the stock. DA Davidson raised their price target on shares of Old Second Bancorp from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Old Second Bancorp in a research note on Wednesday, August 26th. Piper Sandler reissued an "overweight" rating and set a $30.00 target price (up from $26.00) on shares of Old Second Bancorp in a research note on Monday, July 27th. Finally, Zacks Research lowered shares of Old Second Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, August 31st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $26.20.

Old Second Bancorp Stock Performance

Shares of Old Second Bancorp stock opened at $24.87 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.27 billion, a PE ratio of 14.29 and a beta of 0.77. The company has a 50 day moving average of $25.29 and a 200-day moving average of $22.91. Old Second Bancorp has a 1-year low of $16.65 and a 1-year high of $26.06.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.55. Old Second Bancorp had a net margin of 20.22% and a return on equity of 12.79%. As a group, equities research analysts forecast that Old Second Bancorp will post 2.21 earnings per share for the current fiscal year.

Insider Activity at Old Second Bancorp

In other Old Second Bancorp news, CEO James Eccher sold 55,687 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was 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 in the company, valued at approximately $8,216,247.52. This trade represents a 14.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hugh H. Mclean sold 25,000 shares of Old Second Bancorp stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $25.73, for a total transaction of $643,250.00. Following the transaction, the director directly owned 135,351 shares in the company, valued at $3,482,581.23. This represents a 15.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 149,000 shares of company stock valued at $3,809,117 over the last 90 days. Insiders own 3.60% of the company's stock.

Institutional Trading of Old Second Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in OSBC. Rockefeller Capital Management L.P. purchased a new position in Old Second Bancorp during the fourth quarter worth about $27,000. Integrated Wealth Concepts LLC purchased a new stake in Old Second Bancorp in the 2nd quarter valued at about $44,000. Parallel Advisors LLC increased its stake in Old Second Bancorp by 181.3% in the 1st quarter. Parallel Advisors LLC now owns 2,622 shares of the financial services provider's stock valued at $53,000 after buying an additional 1,690 shares during the last quarter. NewEdge Advisors LLC bought a new position in shares of Old Second Bancorp during the 2nd quarter worth approximately $202,000. Finally, Amundi bought a new position in shares of Old Second Bancorp during the 1st quarter worth approximately $276,000. Hedge funds and other institutional investors own 67.76% of the company's stock.

About Old Second Bancorp

Old Second Bancorp, Inc NASDAQ: OSBC is a bank holding company headquartered in Aurora, Illinois. Through its principal subsidiary, Old Second National Bank, the company provides community banking services to individuals, families, businesses and institutions.

The bank offers a range of financial products and services, including commercial and residential real estate lending, business and consumer loans, checking and savings accounts, certificates of deposit, treasury management and online and mobile banking.

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