Old Second Bancorp (NASDAQ:OSBC) Announces Quarterly Earnings Results, Hits Estimates

Key Points

• Old Second Bancorp beat revenue expectations in its quarterly results, reporting EPS of $0.55, which matched analyst estimates, while revenue came in at $96.59 million versus expectations of $94.88 million.
• The stock fell 1.1% after the report, even as it traded near its 52-week high; shares were at $23.41 with a market cap of about $1.20 billion.
• The company also announced a quarterly dividend of $0.07 per share, payable August 10, implying an annualized yield of 1.2% and a payout ratio of 16.67%.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) released its earnings results on Wednesday. The financial services provider reported $0.55 earnings per share for the quarter, meeting the consensus estimate of $0.55, FiscalAI reports. The company had revenue of $96.59 million for the quarter, compared to analysts' expectations of $94.88 million. Old Second Bancorp had a return on equity of 12.67% and a net margin of 20.07%.

Old Second Bancorp Stock Down 1.1%

Shares of OSBC traded down $0.27 during mid-day trading on Wednesday, hitting $23.41. 502,508 shares of the company's stock were exchanged, compared to its average volume of 391,358. The firm has a fifty day moving average of $22.17 and a two-hundred day moving average of $21.00. Old Second Bancorp has a twelve month low of $16.42 and a twelve month high of $23.99. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 13.93 and a beta of 0.70. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.11.

Old Second Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Friday, July 31st will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, July 31st. Old Second Bancorp's payout ratio is currently 16.67%.

Institutional Investors Weigh In On Old Second Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. Invesco Ltd. increased its position in Old Second Bancorp by 4.6% during the fourth quarter. Invesco Ltd. now owns 80,545 shares of the financial services provider's stock worth $1,571,000 after buying an additional 3,544 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in Old Second Bancorp by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 14,445 shares of the financial services provider's stock valued at $282,000 after buying an additional 1,520 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Old Second Bancorp by 10.9% in the fourth quarter. Empowered Funds LLC now owns 220,121 shares of the financial services provider's stock worth $4,292,000 after buying an additional 21,573 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Old Second Bancorp by 521.2% in the fourth quarter. Wellington Management Group LLP now owns 969,708 shares of the financial services provider's stock worth $18,909,000 after buying an additional 813,600 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Old Second Bancorp during the 4th quarter worth about $6,114,000. Institutional investors and hedge funds own 67.76% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Raymond James Financial began coverage on shares of Old Second Bancorp in a report on Tuesday, July 7th. They set an "outperform" rating and a $26.00 price target for the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Old Second Bancorp in a research report on Friday, May 29th. Stephens initiated coverage on shares of Old Second Bancorp in a research note on Friday, March 27th. They set an "overweight" rating and a $23.00 target price for the company. Finally, Piper Sandler boosted their price target on shares of Old Second Bancorp from $25.00 to $26.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $24.20.

About Old Second Bancorp

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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