Old Second Bancorp, Inc. (NASDAQ:OSBC) Sees Significant Growth in Short Interest
by Kim Johansen · The Markets DailyOld Second Bancorp, Inc. (NASDAQ:OSBC – Get Free Report) was the target of a significant increase in short interest in March. As of March 13th, there was short interest totaling 1,573,727 shares, an increase of 40.0% from the February 26th total of 1,124,152 shares. Approximately 3.1% of the company’s stock are sold short. Based on an average trading volume of 406,184 shares, the days-to-cover ratio is currently 3.9 days.
Insider Activity
In other news, EVP Richard A. Gartelmann, Jr. sold 2,000 shares of the business’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $20.98, for a total transaction of $41,960.00. Following the sale, the executive vice president owned 24,874 shares in the company, valued at approximately $521,856.52. The trade was a 7.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Darin Patrick Campbell sold 35,000 shares of the company’s 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 in the company, valued at approximately $5,749,893.66. This trade represents a 11.31% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 37,091 shares of company stock valued at $776,744. Corporate insiders own 3.80% of the company’s stock.
Hedge Funds Weigh In On Old Second Bancorp
A number of institutional investors have recently modified their holdings of OSBC. River Street Advisors LLC acquired a new stake in Old Second Bancorp during the third quarter worth about $6,637,000. Thrivent Financial for Lutherans lifted its holdings in Old Second Bancorp by 42.1% in the second quarter. Thrivent Financial for Lutherans now owns 189,920 shares of the financial services provider’s stock valued at $3,369,000 after acquiring an additional 56,240 shares during the period. 4WEALTH Advisors Inc. acquired a new position in Old Second Bancorp in the third quarter valued at approximately $580,000. Geode Capital Management LLC boosted its position in Old Second Bancorp by 2.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,151,371 shares of the financial services provider’s stock worth $20,429,000 after purchasing an additional 24,565 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Old Second Bancorp by 13.1% in the 3rd quarter. American Century Companies Inc. now owns 1,387,891 shares of the financial services provider’s stock worth $23,990,000 after purchasing an additional 160,429 shares in the last quarter. Hedge funds and other institutional investors own 67.76% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on OSBC. DA Davidson lifted their price objective on shares of Old Second Bancorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Stephens initiated coverage on Old Second Bancorp in a research note on Friday. They issued an “overweight” rating and a $23.00 target price for the company. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Old Second Bancorp in a research report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.38.
Check Out Our Latest Stock Report on Old Second Bancorp
Old Second Bancorp Stock Performance
OSBC traded up $0.28 during trading on Monday, reaching $19.85. 284,416 shares of the company’s stock were exchanged, compared to its average volume of 375,207. Old Second Bancorp has a 1 year low of $14.14 and a 1 year high of $22.00. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $1.05 billion, a P/E ratio of 12.18 and a beta of 0.79. The company’s fifty day simple moving average is $20.08 and its 200-day simple moving average is $19.22.
Old Second Bancorp (NASDAQ:OSBC – Get Free Report) last released its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $95.20 million for the quarter, compared to the consensus estimate of $82.49 million. Old Second Bancorp had a net margin of 20.00% and a return on equity of 12.79%. As a group, research analysts predict that Old Second Bancorp will post 1.86 earnings per share for the current fiscal year.
Old Second Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, February 9th. Shareholders of record on Friday, January 30th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Friday, January 30th. Old Second Bancorp’s dividend payout ratio is presently 17.18%.
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.