Old Second Bancorp (NASDAQ:OSBC) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Key Points

• Earnings miss: Old Second reported Q earnings of $0.49 EPS versus a $0.53 consensus (a $0.04 miss) and revenue of $93.77M vs. $94.80M expected, with a net margin of 20.0% and ROE of 12.79%.
• Stock and dividend: Shares traded down to $21.26 (market cap $1.10B, P/E 13.04) and the company announced a quarterly dividend of $0.07 ($0.28 annualized) for a 1.3% yield and a 17.18% payout ratio.
• Sentiment and insider activity: Analysts hold a "Moderate Buy" consensus with a $23.38 price target, while insiders have sold about 37,091 shares (~$776,744) in the last three months and now own 3.80% of the stock.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) released its quarterly earnings data on Wednesday. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.04), FiscalAI reports. Old Second Bancorp had a net margin of 20.00% and a return on equity of 12.79%. The business had revenue of $93.77 million during the quarter, compared to analyst estimates of $94.80 million.

Old Second Bancorp Stock Performance

Old Second Bancorp stock traded down $0.11 on Wednesday, reaching $21.26. 221,901 shares of the stock were exchanged, compared to its average volume of 379,031. The stock has a market cap of $1.10 billion, a PE ratio of 13.04 and a beta of 0.74. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. Old Second Bancorp has a twelve month low of $15.01 and a twelve month high of $22.43. The firm has a fifty day moving average price of $20.31 and a two-hundred day moving average price of $19.63.

Old Second Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 11th. Shareholders of record on Friday, May 1st will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, May 1st. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. Old Second Bancorp's payout ratio is currently 17.18%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OSBC. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Old Second Bancorp in a research note on Thursday, January 22nd. Stephens began coverage on shares of Old Second Bancorp in a research note on Friday, March 27th. They issued an "overweight" rating and a $23.00 price objective for the company. Finally, DA Davidson lifted their price objective on shares of Old Second Bancorp from $22.00 to $23.00 and gave the company a "neutral" rating in a research note on Friday, January 23rd. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.38.

Insiders Place Their Bets

In other Old Second Bancorp news, insider Darin Patrick Campbell sold 35,000 shares of the business's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $20.94, for a total transaction of $732,900.00. Following the completion of the transaction, the insider owned 274,589 shares of the company's stock, valued at $5,749,893.66. The trade was a 11.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Richard A. Gartelmann, Jr. sold 2,000 shares of the business's stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $20.98, for a total transaction of $41,960.00. Following the transaction, the executive vice president directly owned 24,874 shares of the company's stock, valued at approximately $521,856.52. This represents a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 37,091 shares of company stock valued at $776,744. Company insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its holdings in shares of Old Second Bancorp by 458.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,480 shares of the financial services provider's stock worth $26,000 after purchasing an additional 1,215 shares during the period. Parkside Financial Bank & Trust bought a new position in shares of Old Second Bancorp during the 4th quarter worth about $45,000. Quadrant Capital Group LLC increased its holdings in shares of Old Second Bancorp by 32.7% during the 4th quarter. Quadrant Capital Group LLC now owns 2,523 shares of the financial services provider's stock worth $49,000 after purchasing an additional 622 shares during the period. Strs Ohio bought a new position in shares of Old Second Bancorp during the 1st quarter worth about $88,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Old Second Bancorp by 446.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,306 shares of the financial services provider's stock worth $112,000 after purchasing an additional 5,153 shares during the period. Institutional investors own 67.76% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.