Old Second Bancorp (NASDAQ:OSBC) Shares Gap Up - Here's Why

Old Second Bancorp, Inc. (NASDAQ:OSBC - Get Free Report) 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 trading hands.

Wall Street Analysts Forecast Growth

OSBC has been the topic of several analyst reports. Piper Sandler boosted their price objective on shares of Old Second Bancorp from $18.00 to $19.50 and gave the stock an "overweight" rating in a research note on Friday, July 19th. Raymond James cut Old Second Bancorp from a "strong-buy" rating to an "outperform" rating and decreased their price target for the company from $19.00 to $18.00 in a research note on Tuesday, September 17th. Finally, DA Davidson lowered Old Second Bancorp from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $19.00 to $17.00 in a research note on Wednesday, September 25th.

Old Second Bancorp Stock Performance

The stock has a market capitalization of $764.18 million, a P/E ratio of 8.64 and a beta of 1.06. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $16.01 and a two-hundred day moving average price of $15.10.

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

Old Second Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 25th will be paid a $0.06 dividend. This is an increase from Old Second Bancorp's previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend is Friday, October 25th. Old Second Bancorp's payout ratio is 10.15%.

Insider Transactions at Old Second Bancorp

In related news, Director John Ladowicz sold 30,585 shares of the company's stock in a transaction that occurred 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 approximately $3,068,694.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.80% of the company's stock.

Institutional Trading of Old Second Bancorp

Institutional investors have recently made changes to their positions in the company. nVerses Capital LLC purchased a new position in Old Second Bancorp during the second quarter worth about $33,000. Innealta Capital LLC bought a new position in shares of Old Second Bancorp in the second quarter valued at approximately $49,000. Ameritas Investment Partners Inc. grew its holdings in shares of Old Second Bancorp by 19.8% in the first quarter. Ameritas Investment Partners Inc. now owns 5,167 shares of the financial services provider's stock valued at $72,000 after acquiring an additional 853 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Old Second Bancorp during the first quarter valued at approximately $90,000. Finally, CWM LLC lifted its holdings in Old Second Bancorp by 36.3% during the third quarter. CWM LLC now owns 7,966 shares of the financial services provider's stock worth $124,000 after acquiring an additional 2,123 shares during the period. Institutional investors own 67.76% of the company's stock.

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.