Old Second Bancorp (NASDAQ:OSBC) Announces Earnings Results

Key Points

• Old Second reported Q1 EPS of $0.49, missing the $0.52 consensus, and revenue of $93.77M versus $94.80M; the bank posted a 20.0% net margin and a 12.79% return on equity.
• The company declared a quarterly dividend of $0.07 (annualized $0.28) for a 1.3% yield, payable May 11 with an ex-dividend/record date of May 1.
• Insiders sold 37,091 shares (~$776,744) in the last quarter, while analysts’ consensus remains a "Moderate Buy" with a $23.38 price target.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) announced its earnings results on Wednesday. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.03), 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 for the quarter, compared to the consensus estimate of $94.80 million.

Old Second Bancorp Stock Down 0.7%

Shares of Old Second Bancorp stock opened at $21.21 on Thursday. The company has a 50-day simple moving average of $20.33 and a two-hundred day simple moving average of $19.64. The stock has a market capitalization of $1.10 billion, a PE ratio of 13.01 and a beta of 0.74. Old Second Bancorp has a 52-week low of $15.01 and a 52-week high of $22.43. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.91.

Old Second Bancorp Dividend Announcement

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 issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, May 1st. This represents a $0.28 annualized dividend and a yield of 1.3%. Old Second Bancorp's payout ratio is 17.18%.

Insider Buying and Selling

In related news, EVP Richard A. Gartelmann, Jr. sold 2,000 shares of the company's stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $20.98, for a total value 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. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Darin Patrick Campbell sold 35,000 shares of the company's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $20.94, for a total value of $732,900.00. Following the completion of the transaction, the insider directly owned 274,589 shares in the company, valued at $5,749,893.66. This trade represents a 11.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 37,091 shares of company stock worth $776,744. Corporate insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OSBC. Los Angeles Capital Management LLC lifted its holdings in shares of Old Second Bancorp by 1.8% during the fourth quarter. Los Angeles Capital Management LLC now owns 28,606 shares of the financial services provider's stock valued at $519,000 after purchasing an additional 493 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in Old Second Bancorp by 32.7% in the 4th quarter. Quadrant Capital Group LLC now owns 2,523 shares of the financial services provider's stock worth $49,000 after buying an additional 622 shares in the last quarter. Russell Investments Group Ltd. raised its position in Old Second Bancorp by 0.8% in the 4th quarter. Russell Investments Group Ltd. now owns 112,121 shares of the financial services provider's stock worth $2,186,000 after buying an additional 908 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Old Second Bancorp by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,864 shares of the financial services provider's stock worth $430,000 after buying an additional 1,067 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Old Second Bancorp by 458.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,480 shares of the financial services provider's stock worth $26,000 after buying an additional 1,215 shares during the last quarter. Hedge funds and other institutional investors own 67.76% of the company's stock.

Wall Street Analysts Forecast Growth

OSBC has been the topic of a number of analyst reports. Stephens assumed coverage on Old Second Bancorp in a research report on Friday, March 27th. They issued an "overweight" rating and a $23.00 price target on the stock. DA Davidson raised their price objective on Old Second Bancorp from $22.00 to $23.00 and gave the company a "neutral" rating in a research report on Friday, January 23rd. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Old Second Bancorp in a research note on Thursday, January 22nd. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.38.

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.