Raymond James Financial Upgrades Old Second Bancorp (NASDAQ:OSBC) to Strong-Buy

Old Second Bancorp (NASDAQ:OSBC) was upgraded by investment analysts at Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a research report issued on Tuesday, Marketbeat.com reports. The firm currently has a $30.00 target price on the financial services provider’s stock, up from their previous target price of $27.00. Raymond James Financial’s price target points to a potential upside of 21.65% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Zacks Research downgraded Old Second Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 31st. Piper Sandler restated an “overweight” rating and issued a $30.00 target price (up from $26.00) on shares of Old Second Bancorp in a research note on Monday, July 27th. 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 research report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old Second Bancorp in a research note on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Old Second Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $26.20.

Old Second Bancorp Trading Down 1.6%

OSBC opened at $24.66 on Tuesday. The stock has a market capitalization of $1.25 billion, a P/E ratio of 14.17 and a beta of 0.77. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.08. Old Second Bancorp has a 12 month low of $16.65 and a 12 month high of $26.06. The firm’s fifty day simple moving average is $25.27 and its 200 day simple moving average is $22.99.

Old Second Bancorp (NASDAQ:OSBC) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.55. Old Second Bancorp had a return on equity of 12.79% and a net margin of 20.22%. As a group, research analysts anticipate that Old Second Bancorp will post 2.22 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Darin Campbell sold 24,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $25.53, for a total transaction of $612,720.00. Following the sale, the insider owned 250,589 shares in the company, valued at $6,397,537.17. This represents a 8.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Hugh H. Mclean sold 25,000 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $25.63, for a total value of $640,750.00. Following the completion of the sale, the director directly owned 135,351 shares of the company’s stock, valued at approximately $3,469,046.13. The trade was a 15.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 149,000 shares of company stock worth $3,809,117. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Old Second Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. bought a new stake in Old Second Bancorp during the fourth quarter worth $27,000. Integrated Wealth Concepts LLC bought a new position in shares of Old Second Bancorp in the 2nd quarter valued at about $44,000. Parallel Advisors LLC grew its position in shares of Old Second Bancorp by 181.3% in the 1st quarter. Parallel Advisors LLC now owns 2,622 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,690 shares during the period. NewEdge Advisors LLC acquired a new position in shares of Old Second Bancorp during the 2nd quarter worth about $202,000. Finally, Amundi acquired a new position in shares of Old Second Bancorp during the 1st quarter worth about $276,000. 67.76% of the stock is currently owned by institutional investors and hedge funds.

Old Second Bancorp Company Profile

Old Second Bancorp, Inc (NASDAQ: OSBC) is a bank holding company headquartered in Aurora, Illinois. Through its principal subsidiary, Old Second National Bank, the company provides community banking services to individuals, families, businesses and institutions.

The bank offers a range of financial products and services, including commercial and residential real estate lending, business and consumer loans, checking and savings accounts, certificates of deposit, treasury management and online and mobile banking.