Old Second Bancorp (NASDAQ:OSBC) Shares Gap Up – Here’s What Happened

Shares of Old Second Bancorp, Inc. (NASDAQ:OSBC) gapped up prior to trading on Thursday . The stock had previously closed at $16.12, but opened at $16.68. Old Second Bancorp shares last traded at $16.61, with a volume of 23,611 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. DA Davidson set a $18.00 price target on Old Second Bancorp in a research note on Thursday. Raymond James cut Old Second Bancorp from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $19.00 to $18.00 in a research note on Tuesday, September 17th. Finally, Piper Sandler upped their price target on Old Second Bancorp from $22.50 to $23.00 and gave the stock an “overweight” rating in a research note on Friday.

Old Second Bancorp Stock Up 0.5 %

The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $16.08 and a 200 day simple moving average of $15.14. The firm has a market capitalization of $768.21 million, a P/E ratio of 8.70 and a beta of 1.06.

Old Second Bancorp (NASDAQ:OSBC) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.02). Old Second Bancorp had a return on equity of 14.83% and a net margin of 25.62%. The company had revenue of $70.82 million during the quarter, compared to the consensus estimate of $70.03 million. On average, equities analysts expect that Old Second Bancorp, Inc. will post 1.89 EPS for the current fiscal year.

Old Second Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 25th will be issued a dividend of $0.06 per share. This is an increase from Old Second Bancorp’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend is Friday, October 25th. Old Second Bancorp’s dividend payout ratio is presently 10.15%.

Insider Activity

In other news, Director John Ladowicz sold 30,585 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $16.22, for a total transaction of $496,088.70. Following the transaction, the director now directly owns 189,192 shares of the company’s stock, valued at $3,068,694.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OSBC. Davis Asset Management L.P. bought a new position in shares of Old Second Bancorp during the second quarter valued at $8,623,000. Dimensional Fund Advisors LP increased its position in Old Second Bancorp by 8.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,700,810 shares of the financial services provider’s stock valued at $25,188,000 after acquiring an additional 138,253 shares during the last quarter. American Century Companies Inc. increased its position in Old Second Bancorp by 19.7% during the second quarter. American Century Companies Inc. now owns 800,187 shares of the financial services provider’s stock valued at $11,851,000 after acquiring an additional 131,623 shares during the last quarter. Wellington Management Group LLP increased its position in Old Second Bancorp by 50.5% during the fourth quarter. Wellington Management Group LLP now owns 387,800 shares of the financial services provider’s stock valued at $5,988,000 after acquiring an additional 130,200 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Old Second Bancorp by 20.1% during the second quarter. AQR Capital Management LLC now owns 307,995 shares of the financial services provider’s stock valued at $4,561,000 after acquiring an additional 51,652 shares during the last quarter. 67.76% of the stock is owned by institutional investors.

Old Second Bancorp Company Profile

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.