Old Second Bancorp (NASDAQ:OSBC) Issues Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Old Second Bancorp (NASDAQ:OSBC) announced its earnings results on Wednesday. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.03), FiscalAI reports. Old Second Bancorp had a return on equity of 12.79% and a net margin of 20.22%. The company had revenue of $97.12 million for the quarter, compared to the consensus estimate of $98.22 million.

Old Second Bancorp Stock Performance

Shares of NASDAQ:OSBC traded down $0.23 on Wednesday, hitting $24.87. 432,790 shares of the company were exchanged, compared to its average volume of 421,044. The company’s 50 day moving average price is $25.14 and its two-hundred day moving average price is $23.31. Old Second Bancorp has a one year low of $17.11 and a one year high of $26.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 14.29 and a beta of 0.77.

Old Second Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Friday, October 30th will be given a $0.08 dividend. The ex-dividend date is Friday, October 30th. This represents a $0.32 annualized dividend and a yield of 1.3%. This is a positive change from Old Second Bancorp’s previous quarterly dividend of $0.07. Old Second Bancorp’s dividend payout ratio (DPR) is 16.09%.

Analyst Upgrades and Downgrades

OSBC has been the topic of a number of recent analyst reports. Zacks Research lowered shares of Old Second Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 31st. Raymond James Financial raised shares of Old Second Bancorp from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from $27.00 to $30.00 in a report on Tuesday, October 6th. Piper Sandler reiterated 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 lifted their target price on shares of Old Second Bancorp from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Old Second Bancorp in a research report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Old Second Bancorp presently has an average rating of “Moderate Buy” and an average price target of $26.20.

Insider Activity

In related news, Director Hugh H. Mclean sold 25,000 shares of Old Second Bancorp stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $25.73, for a total transaction of $643,250.00. Following the sale, the director directly owned 135,351 shares of the company’s stock, valued at $3,482,581.23. This trade represents a 15.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Darin Campbell sold 24,000 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $25.53, for a total value of $612,720.00. Following the transaction, the insider owned 250,589 shares in the company, valued at $6,397,537.17. This represents a 8.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 149,000 shares of company stock valued at $3,809,117. Insiders own 3.60% of the company’s stock.

Old Second Bancorp Company Profile

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.