Old Second Bancorp (NASDAQ:OSBC) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Old Second Bancorp to “strong buy” from “hold.” The broader analyst consensus is “Buy,” with a $25.40 average price target.
• Shares opened at $25.29, near their 52-week high of $25.67, while the stock’s 50-day and 200-day moving averages stood at $22.77 and $21.26, respectively.
• The company met quarterly earnings expectations with EPS of $0.55 and exceeded revenue estimates, reporting $96.59 million versus the $94.88 million consensus. Institutional investors own 67.76% of outstanding shares.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the company. Raymond James Financial assumed coverage on Old Second Bancorp in a research note on Tuesday, July 7th. They issued an "outperform" rating and a $26.00 target price for the company. DA Davidson upped their price target on Old Second Bancorp from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Piper Sandler reaffirmed an "overweight" rating and issued a $30.00 price objective (up from $26.00) on shares of Old Second Bancorp in a research report on Monday. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Old Second Bancorp in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $25.40.

Old Second Bancorp Trading Down 0.2%

Old Second Bancorp stock opened at $25.29 on Thursday. The stock has a market cap of $1.30 billion, a PE ratio of 14.53 and a beta of 0.70. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $22.77 and a 200 day moving average price of $21.26. Old Second Bancorp has a 52 week low of $16.42 and a 52 week high of $25.67.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share for the quarter, meeting analysts' consensus estimates of $0.55. Old Second Bancorp had a net margin of 20.22% and a return on equity of 12.85%. The business had revenue of $96.59 million during the quarter, compared to analyst estimates of $94.88 million. Equities research analysts predict that Old Second Bancorp will post 2.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Old Second Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Harbour Investments Inc. acquired a new stake in shares of Old Second Bancorp during the fourth quarter worth approximately $26,000. Rockefeller Capital Management L.P. acquired a new stake in shares of Old Second Bancorp in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC raised its stake in shares of 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 valued at $26,000 after purchasing an additional 1,215 shares in the last quarter. Parkside Financial Bank & Trust bought a new position in shares of Old Second Bancorp during the fourth quarter worth about $45,000. Finally, Clearstead Advisors LLC lifted its position in shares of Old Second Bancorp by 793.8% during the fourth quarter. Clearstead Advisors LLC now owns 2,431 shares of the financial services provider's stock worth $47,000 after purchasing an additional 2,159 shares during the last quarter. 67.76% of the stock is currently owned by hedge funds and other institutional investors.

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.