Piper Sandler Issues Pessimistic Forecast for Old Second Bancorp (NASDAQ:OSBC) Stock Price

Old Second Bancorp (NASDAQ:OSBC) had its price target reduced by investment analysts at Piper Sandler from $30.00 to $29.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler‘s price target indicates a potential upside of 18.26% from the company’s previous close.

Other analysts also recently issued reports about the company. Weiss Ratings upgraded Old Second Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday. Zacks Research lowered Old Second Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 31st. Raymond James Financial upgraded Old Second Bancorp from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $27.00 to $30.00 in a research note on Tuesday, October 6th. Finally, DA Davidson upped their target price on Old Second Bancorp from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.75.

Old Second Bancorp Price Performance

NASDAQ:OSBC opened at $24.52 on Monday. The stock has a market capitalization of $1.25 billion, a PE ratio of 11.57 and a beta of 0.77. The stock’s 50-day moving average price is $25.07 and its 200-day moving average price is $23.39. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.08. Old Second Bancorp has a 52 week low of $17.11 and a 52 week high of $26.06.

Old Second Bancorp (NASDAQ:OSBC) last announced its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.03). The business had revenue of $97.12 million for the quarter, compared to analysts’ expectations of $98.22 million. Old Second Bancorp had a net margin of 24.50% and a return on equity of 12.69%. As a group, equities analysts expect that Old Second Bancorp will post 2.21 EPS for the current fiscal year.

Insider Buying and Selling

In other Old Second Bancorp news, insider Darin Campbell sold 24,000 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $25.53, for a total transaction of $612,720.00. Following the completion of the transaction, the insider owned 250,589 shares of the company’s stock, valued at $6,397,537.17. The trade was a 8.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Eccher sold 19,313 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $25.61, for a total transaction of $494,605.93. Following the transaction, the chief executive officer directly owned 303,399 shares in the company, valued at $7,770,048.39. This trade represents a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 149,000 shares of company stock valued at $3,809,117. Company insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Old Second Bancorp

Large investors have recently added to or reduced their stakes in the company. Lakewood Asset Management LLC increased its holdings in shares of Old Second Bancorp by 5.4% during the 3rd quarter. Lakewood Asset Management LLC now owns 24,185 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 1,230 shares during the last quarter. Integrated Advisors Network LLC acquired a new stake in shares of Old Second Bancorp during the third quarter worth $553,000. USA Financial Formulas bought a new position in shares of Old Second Bancorp during the 3rd quarter worth approximately $73,000. Forum Financial Management LP grew its stake in Old Second Bancorp by 15.4% in the third quarter. Forum Financial Management LP now owns 237,367 shares of the financial services provider’s stock valued at $5,813,000 after acquiring an additional 31,694 shares during the period. Finally, Congress Asset Management Co. raised its stake in shares of Old Second Bancorp by 21.4% in the third quarter. Congress Asset Management Co. now owns 411,201 shares of the financial services provider’s stock worth $10,070,000 after purchasing an additional 72,551 shares during the last quarter. Institutional investors own 67.76% of the company’s stock.

About Old Second Bancorp

Old Second Bancorp, Inc is a bank holding company headquartered in Aurora, Illinois. Through its principal subsidiary, Old Second National Bank, the company provides banking and financial services to individuals, families, businesses and governmental entities.

Its offerings include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, commercial and industrial loans, consumer loans, treasury management and cash-management services. The bank also provides wealth management, trust and investment-related services through its financial services operations.

Founded in 1871, Old Second has a long history of serving communities in northern Illinois, including the Fox Valley and Chicago metropolitan area.