Old Second Bancorp, Inc. (NASDAQ:OSBC) Sees Significant Decline in Short Interest

Old Second Bancorp, Inc. (NASDAQ:OSBC) saw a significant decrease in short interest in the month of April. As of April 15th, there was short interest totaling 1,421,624 shares, a decrease of 18.6% from the March 31st total of 1,746,879 shares. Approximately 2.9% of the shares of the company are short sold. Based on an average daily trading volume, of 397,315 shares, the days-to-cover ratio is currently 3.6 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on OSBC shares. Piper Sandler cut their target price on shares of Old Second Bancorp from $26.00 to $25.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. DA Davidson increased their target price on shares of Old Second Bancorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Old Second Bancorp in a research report on Thursday, January 22nd. Finally, Stephens started coverage on shares of Old Second Bancorp in a research report on Friday, March 27th. They set an “overweight” rating and a $23.00 target price for the company. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Old Second Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $23.50.

Old Second Bancorp Price Performance

OSBC traded up $0.18 on Friday, reaching $20.79. The company had a trading volume of 328,087 shares, compared to its average volume of 443,941. The business has a 50 day simple moving average of $20.31 and a 200 day simple moving average of $19.75. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 12.38 and a beta of 0.71. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.91. Old Second Bancorp has a 52-week low of $15.53 and a 52-week high of $22.43.

Old Second Bancorp (NASDAQ:OSBC) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.03). The company had revenue of $93.77 million during the quarter, compared to analysts’ expectations of $94.80 million. Old Second Bancorp had a net margin of 20.07% and a return on equity of 12.92%. As a group, sell-side analysts anticipate that Old Second Bancorp will post 2.16 EPS for the current year.

Old Second Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 11th. Shareholders of record on Friday, May 1st will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, May 1st. Old Second Bancorp’s dividend payout ratio (DPR) is presently 16.67%.

Insider Activity

In related news, EVP Richard A. Gartelmann, Jr. sold 2,000 shares of the stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $20.98, for a total transaction of $41,960.00. Following the completion of the transaction, the executive vice president owned 24,874 shares in the company, valued at approximately $521,856.52. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Darin Patrick Campbell sold 35,000 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $20.94, for a total transaction of $732,900.00. Following the transaction, the insider owned 274,589 shares of the company’s stock, valued at approximately $5,749,893.66. The trade was a 11.31% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 37,091 shares of company stock valued at $776,744. 3.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC grew its position in Old Second Bancorp by 6.3% during the first quarter. Hsbc Holdings PLC now owns 85,183 shares of the financial services provider’s stock valued at $1,716,000 after acquiring an additional 5,078 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Old Second Bancorp during the first quarter valued at approximately $1,060,000. River Street Advisors LLC grew its position in Old Second Bancorp by 104.0% during the first quarter. River Street Advisors LLC now owns 746,660 shares of the financial services provider’s stock valued at $15,053,000 after acquiring an additional 380,589 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Old Second Bancorp during the first quarter valued at approximately $360,000. Finally, Rockefeller Capital Management L.P. bought a new position in Old Second Bancorp during the fourth quarter valued at approximately $27,000. 67.76% of the stock is currently owned by institutional investors.

About Old Second Bancorp

Old Second Bancorp, Inc is a bank holding company based in Aurora, Illinois, serving businesses and consumers through its primary subsidiary, Old Second National Bank. The company provides a broad range of commercial and retail banking services across the suburban Chicago marketplace, supported by a branch network and online platforms designed to meet the financial needs of local communities.

In its commercial banking division, Old Second offers lending solutions that include lines of credit, term loans, equipment financing and commercial real estate financing.