Short Interest in Old Second Bancorp, Inc. (NASDAQ:OSBC) Rises By 112.7%

Key Points

• Short interest in Old Second Bancorp rose by 112.7% in September, reaching 1,010,000 shares.
• Institutional investors own approximately 67.76% of Old Second Bancorp's stock, with several hedge funds significantly increasing their stakes recently.
• The company reported earnings per share of $0.48, which missed analysts' expectations, while revenues surpassed estimates at $75.13 million during the last quarter.

Old Second Bancorp, Inc. (NASDAQ:OSBC - Get Free Report) was the recipient of a large increase in short interest in September. As of September 30th, there was short interest totaling 1,010,000 shares, an increase of 112.7% from the September 15th total of 474,900 shares. Based on an average daily trading volume, of 249,700 shares, the days-to-cover ratio is presently 4.0 days. Based on an average daily trading volume, of 249,700 shares, the days-to-cover ratio is presently 4.0 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake in Old Second Bancorp by 458.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,480 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 1,215 shares during the last quarter. Strs Ohio bought a new position in Old Second Bancorp in the first quarter valued at approximately $88,000. GAMMA Investing LLC increased its stake in Old Second Bancorp by 4,125.0% in the first quarter. GAMMA Investing LLC now owns 5,408 shares of the financial services provider's stock valued at $90,000 after acquiring an additional 5,280 shares during the last quarter. Quarry LP increased its stake in Old Second Bancorp by 145.5% in the first quarter. Quarry LP now owns 5,802 shares of the financial services provider's stock valued at $97,000 after acquiring an additional 3,439 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Old Second Bancorp by 446.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,306 shares of the financial services provider's stock valued at $112,000 after acquiring an additional 5,153 shares during the last quarter. 67.76% of the stock is owned by institutional investors.

Old Second Bancorp Stock Performance

NASDAQ:OSBC traded up $0.46 during mid-day trading on Monday, hitting $17.53. The stock had a trading volume of 104,788 shares, compared to its average volume of 240,557. Old Second Bancorp has a twelve month low of $14.14 and a twelve month high of $19.46. The stock has a market cap of $922.69 million, a price-to-earnings ratio of 9.56 and a beta of 0.80. The company's 50 day simple moving average is $17.81 and its 200 day simple moving average is $17.17. 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 (NASDAQ:OSBC - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.48 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.01). Old Second Bancorp had a net margin of 24.38% and a return on equity of 12.53%. The business had revenue of $75.13 million during the quarter, compared to analyst estimates of $63.58 million. On average, equities research analysts forecast that Old Second Bancorp will post 1.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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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