Old Second Bancorp (OSBC) Downgraded by Zacks Investment Research to Strong Sell

Zacks Investment Research cut shares of Old Second Bancorp (NASDAQ:OSBC) from a hold rating to a strong sell rating in a research note published on Tuesday.

According to Zacks, “Old Second Bancorp Inc.’s full service banking businesses include the customary consumer and commercial products and services which banks provide. The following services are included: demand, savings, time deposit, individual retirement and Keogh deposit accounts; commercial, industrial, consumer and real estate lending, including installment loans, student loans, farm loans, lines of credit and overdraft checking; safe deposit operations; trust services; and an extensive variety of additional services tailored to the needs of individual customers. “

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Several other brokerages have also commented on OSBC. ValuEngine lowered shares of Old Second Bancorp from a buy rating to a hold rating in a report on Friday, January 5th. BidaskClub lowered shares of Old Second Bancorp from a hold rating to a sell rating in a report on Wednesday, January 24th. Keefe, Bruyette & Woods upgraded shares of Old Second Bancorp from a market perform rating to an outperform rating in a report on Wednesday, January 3rd. Finally, Sandler O’Neill raised shares of Old Second Bancorp from a hold rating to a buy rating in a research note on Thursday, December 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $13.17.

Shares of OSBC opened at $13.80 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.51. Old Second Bancorp has a one year low of $10.75 and a one year high of $15.00. The stock has a market capitalization of $421.64, a price-to-earnings ratio of 18.44, a P/E/G ratio of 1.94 and a beta of 0.83.

In other Old Second Bancorp news, CEO William B. Skoglund sold 4,287 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $14.41, for a total transaction of $61,775.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 15,306 shares of company stock valued at $222,044 in the last ninety days. Insiders own 3.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Banc Funds Co. LLC increased its stake in shares of Old Second Bancorp by 3.0% during the fourth quarter. Banc Funds Co. LLC now owns 2,517,384 shares of the financial services provider’s stock valued at $34,362,000 after purchasing an additional 73,000 shares in the last quarter. BlackRock Inc. increased its stake in shares of Old Second Bancorp by 1.5% during the fourth quarter. BlackRock Inc. now owns 1,940,774 shares of the financial services provider’s stock valued at $26,492,000 after purchasing an additional 28,031 shares in the last quarter. Thomson Horstmann & Bryant Inc. increased its stake in shares of Old Second Bancorp by 2.2% during the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 1,401,108 shares of the financial services provider’s stock valued at $19,125,000 after purchasing an additional 30,511 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Old Second Bancorp by 7.3% during the fourth quarter. Renaissance Technologies LLC now owns 1,018,700 shares of the financial services provider’s stock valued at $13,905,000 after purchasing an additional 69,300 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Old Second Bancorp by 89.4% during the third quarter. Russell Investments Group Ltd. now owns 448,154 shares of the financial services provider’s stock valued at $6,028,000 after purchasing an additional 211,500 shares in the last quarter. 69.04% of the stock is owned by institutional investors and hedge funds.

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About Old Second Bancorp

Old Second Bancorp, Inc is a bank holding company. The Company conducts a full service community banking and trust business through its subsidiaries, including Old Second National Bank (the Bank), Old Second Capital Trust I, Old Second Capital Trust II and Old Second Affordable Housing Fund, LLC The Bank’s full service banking businesses include the customary consumer and commercial products and services that banking institutions provide, including demand, negotiable order of withdrawal, money market and individual retirement accounts; commercial, industrial, consumer and real estate lending, including installment loans, agricultural loans, lines of credit and overdraft checking; safe deposit operations, and a range of additional services tailored to the needs of individual customers, such as the acquisition of the United States Treasury notes and bonds, money orders, cashiers’ checks and foreign currency, direct deposit, debit cards, credit cards and other special services.

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