Old Second Bancorp (NASDAQ:OSBC) Announces Earnings Results

Key Points

• Old Second Bancorp reported earnings of $0.53 per share, exceeding analysts' expectations of $0.51 by $0.02, with a net margin of 24.38% and return on equity of 12.53%.
• The company announced a quarterly dividend of $0.07 per share, set to be paid on November 10th, with an annualized dividend yield of 1.6%.
• Recent analyst actions include a downgrade from "hold" to "sell" by Wall Street Zen, while Piper Sandler raised their price target to $24.50 and maintained an "overweight" rating.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) released its earnings results on Wednesday. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.02, Zacks reports. Old Second Bancorp had a net margin of 24.38% and a return on equity of 12.53%.

Old Second Bancorp Trading Down 0.7%

OSBC traded down $0.13 on Wednesday, reaching $17.95. 678,160 shares of the company's stock were exchanged, compared to its average volume of 243,984. The company's 50 day moving average is $17.84 and its 200-day moving average is $17.20. The company has a market cap of $945.07 million, a price-to-earnings ratio of 9.81 and a beta of 0.80. Old Second Bancorp has a twelve month low of $14.14 and a twelve month high of $19.46. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.85 and a current ratio of 0.85.

Old Second Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Friday, October 31st will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, October 31st. Old Second Bancorp's dividend payout ratio is presently 13.11%.

Analyst Upgrades and Downgrades

OSBC has been the topic of a number of analyst reports. Wall Street Zen cut Old Second Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, October 4th. DA Davidson upped their price objective on shares of Old Second Bancorp from $17.00 to $19.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Piper Sandler reissued an "overweight" rating and issued a $24.50 target price (up from $22.00) on shares of Old Second Bancorp in a research report on Wednesday, July 2nd. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Old Second Bancorp in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $21.38.

Institutional Investors Weigh In On Old Second Bancorp

A number of large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its stake in Old Second Bancorp by 74.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,478,332 shares of the financial services provider's stock valued at $24,599,000 after purchasing an additional 630,265 shares in the last quarter. Bridgeway Capital Management LLC grew its stake in Old Second Bancorp by 2.2% in the second quarter. Bridgeway Capital Management LLC now owns 484,528 shares of the financial services provider's stock worth $8,596,000 after purchasing an additional 10,218 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Old Second Bancorp by 9.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 213,236 shares of the financial services provider's stock valued at $3,783,000 after purchasing an additional 18,448 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Old Second Bancorp by 38.7% in the 1st quarter. Empowered Funds LLC now owns 167,907 shares of the financial services provider's stock worth $2,794,000 after purchasing an additional 46,890 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Old Second Bancorp by 11.0% in the second quarter. Ameriprise Financial Inc. now owns 106,127 shares of the financial services provider's stock worth $1,883,000 after buying an additional 10,547 shares during the period. 67.76% of the stock is owned by institutional investors and hedge funds.

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.

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