Old Second Bancorp (NASDAQ:OSBC) Posts Earnings Results, Meets Expectations

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

Old Second Bancorp Stock Down 1.1%

OSBC traded down $0.27 on Wednesday, hitting $23.41. The company had a trading volume of 502,508 shares, compared to its average volume of 391,358. Old Second Bancorp has a 12-month low of $16.42 and a 12-month high of $23.99. The stock has a fifty day moving average price of $22.17 and a 200-day moving average price of $21.00. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 13.93 and a beta of 0.70.

Old Second Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on OSBC shares. Weiss Ratings reissued a “buy (b)” rating on shares of Old Second Bancorp in a research report on Friday, May 29th. Stephens assumed coverage on shares of Old Second Bancorp in a report on Friday, March 27th. They set an “overweight” rating and a $23.00 price target on the stock. Piper Sandler raised 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. Finally, Raymond James Financial assumed coverage on shares of Old Second Bancorp in a research report on Tuesday, July 7th. They set an “outperform” rating and a $26.00 price target for the company. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Institutional Investors Weigh In On Old Second Bancorp

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

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.