Zacks Investment Research upgrades Old Second Bancorp (NASDAQ:OSBC) to buy
Former second Bancorp (NASDAQ:OSBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released Tuesday, Zacks.com reports. The brokerage currently has a price target of $15.00 on shares of the financial services provider. Zacks Investment Research’s target price indicates a potential upside of 11.69% from the company’s current price.
According to Zacks, “Old Second Bancorp Inc.’s full-service banking business includes the customary commercial and consumer products and services provided by banks. The following services are included: current accounts, savings, term deposit , individual retirement and Keogh deposit; commercial accounts, industrial, consumer and real estate loans, including installment loans, student loans, agricultural loans, lines of credit and verification of overdrafts; safe deposit; fiduciary services; and a wide variety of additional services tailored to the needs of individual customers.”
Separately, Raymond James raised its price target on shares of Old Second Bancorp from $15.00 to $16.00 and gave the stock a ‘strong buy’ rating in a Friday research report. October 22.
NASDAQ:OSBC shares opened at $13.43 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt ratio of 0.47. Old Second Bancorp has a fifty-two week low of $9.77 and a fifty-two week high of $14.45. The company has a 50-day simple moving average of $12.98 and a 200-day simple moving average of $12.72. The company has a market capitalization of $385.55 million, a PE ratio of 10.66 and a beta of 1.27.
Separately, director William B. Skoglund sold 4,557 shares of the company in a transaction that took place on Monday, November 8. The shares were sold at an average price of $14.01, for a total value of $63,843.57. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC’s website. 4.70% of the shares are currently held by company insiders.
Institutional investors and hedge funds have recently changed their positions in the company. Allworth Financial LP acquired a new position in Old Second Bancorp in Q3 worth $25,000. Lazard Asset Management LLC bought a new stake in Old Second Bancorp in Q2 for $25,000. Berman Capital Advisors LLC increased its holdings of Old Second Bancorp shares by 44.0% during the third quarter. Berman Capital Advisors LLC now owns 3,022 shares of the financial services provider worth $39,000 after acquiring 924 additional shares during the period. Metropolitan Life Insurance Co NY increased its holdings of Old Second Bancorp shares by 49,812.5% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 3,993 shares of the financial services provider worth $50,000 after acquiring 3,985 additional shares during the period. Finally, Citigroup Inc. increased its stake in shares of Old Second Bancorp by 90.3% during the 3rd quarter. Citigroup Inc. now owns 4,695 shares of the financial services provider worth $61,000 after acquiring 2,228 additional shares during the period. Institutional investors hold 71.00% of the company’s shares.
About Old Second Bancorp
Old Second Bancorp, Inc is a bank holding company that provides traditional retail and commercial banking services through its wholly owned subsidiaries. Its services include retail banking, lending, corporate banking and wealth management. The company was founded in 1981 and is based in Aurora, IL.
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