Old Second Bancorp (NASDAQ:OSBC) Reaches New 1-Year High – Here’s Why

Old Second Bancorp, Inc. (NASDAQ:OSBC)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $19.37 and last traded at $19.20, with a volume of 6393 shares changing hands. The stock had previously closed at $19.16.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OSBC. DA Davidson set a $18.00 price target on shares of Old Second Bancorp in a research report on Thursday, October 17th. Piper Sandler raised their target price on Old Second Bancorp from $22.50 to $23.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Raymond James raised Old Second Bancorp from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, December 19th. Finally, Stephens reissued an “overweight” rating and issued a $21.00 price objective on shares of Old Second Bancorp in a report on Thursday, January 23rd.

Old Second Bancorp Trading Down 1.1 %

The stock has a market capitalization of $860.67 million, a price-to-earnings ratio of 10.26 and a beta of 1.07. The company has a 50 day moving average of $18.25 and a 200 day moving average of $17.17. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84.

Old Second Bancorp (NASDAQ:OSBC) last posted its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.04). Old Second Bancorp had a return on equity of 13.73% and a net margin of 24.95%. On average, research analysts predict that Old Second Bancorp, Inc. will post 1.87 EPS for the current fiscal year.

Old Second Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 10th. Stockholders of record on Friday, January 31st will be paid a $0.06 dividend. The ex-dividend date is Friday, January 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.25%. Old Second Bancorp’s payout ratio is presently 12.83%.

Insider Buying and Selling at Old Second Bancorp

In related news, Director Rocks Patti Temple purchased 5,625 shares of Old Second Bancorp stock in a transaction on Monday, December 23rd. The shares were bought at an average price of $17.79 per share, with a total value of $100,068.75. Following the transaction, the director now directly owns 18,679 shares of the company’s stock, valued at approximately $332,299.41. This trade represents a 43.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Old Second Bancorp

Several hedge funds have recently added to or reduced their stakes in OSBC. Assenagon Asset Management S.A. increased its position in shares of Old Second Bancorp by 180.3% during the third quarter. Assenagon Asset Management S.A. now owns 443,527 shares of the financial services provider’s stock worth $6,915,000 after purchasing an additional 285,314 shares in the last quarter. River Street Advisors LLC purchased a new stake in Old Second Bancorp in the 4th quarter valued at $3,363,000. JPMorgan Chase & Co. increased its stake in Old Second Bancorp by 16.2% in the third quarter. JPMorgan Chase & Co. now owns 1,101,634 shares of the financial services provider’s stock valued at $17,174,000 after purchasing an additional 153,187 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of Old Second Bancorp during the third quarter worth about $1,962,000. Finally, State Street Corp raised its stake in Old Second Bancorp by 6.5% during the 3rd quarter. State Street Corp now owns 1,264,359 shares of the financial services provider’s stock valued at $19,711,000 after acquiring an additional 77,143 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 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.