372,648 Shares of Old Second Bancorp, Inc. $OSBC Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 372,648 shares of Old Second Bancorp during the second quarter, worth approximately $8.69 million and representing about 0.73% of the company.
• Institutional ownership remains significant, with hedge funds and other institutions holding 67.76% of OSBC; several major investors initiated new positions during the quarter.
• Old Second Bancorp reported quarterly EPS of $0.55, matching estimates, and pays a $0.07 quarterly dividend. Analysts maintain a “Moderate Buy” consensus with an average price target of $25.40, while insiders have sold 149,000 shares over the past 90 days.

Bank of America Corp DE purchased a new position in shares of Old Second Bancorp, Inc. (NASDAQ:OSBC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 372,648 shares of the financial services provider's stock, valued at approximately $8,690,000. Bank of America Corp DE owned about 0.73% of Old Second Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jupiter Topco LLC bought a new position in shares of Old Second Bancorp in the second quarter valued at approximately $612,000. Hsbc Holdings PLC bought a new stake in Old Second Bancorp during the second quarter worth $1,541,000. Legal & General Group Plc bought a new stake in Old Second Bancorp during the second quarter worth $946,000. The Manufacturers Life Insurance Company purchased a new position in Old Second Bancorp in the second quarter worth $20,350,000. Finally, Sanctuary Advisors LLC purchased a new position in Old Second Bancorp in the second quarter worth $791,000. 67.76% of the stock is currently owned by hedge funds and other institutional investors.

Old Second Bancorp Price Performance

Old Second Bancorp stock opened at $24.95 on Friday. The firm has a market capitalization of $1.27 billion, a P/E ratio of 14.34 and a beta of 0.70. Old Second Bancorp, Inc. has a one year low of $16.65 and a one year high of $26.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.91 and a quick ratio of 0.91. The business has a fifty day moving average price of $25.18 and a 200-day moving average price of $22.67.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.55. Old Second Bancorp had a return on equity of 12.79% and a net margin of 20.22%. As a group, equities research analysts forecast that Old Second Bancorp, Inc. will post 2.21 EPS for the current year.

Old Second Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Friday, July 31st were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $0.28 annualized dividend and a yield of 1.1%. Old Second Bancorp's payout ratio is currently 16.09%.

Insider Activity at Old Second Bancorp

In other Old Second Bancorp news, CEO James Eccher sold 55,687 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $25.46, for a total value of $1,417,791.02. Following the sale, the chief executive officer directly owned 322,712 shares in the company, valued at $8,216,247.52. This represents a 14.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Campbell sold 24,000 shares of the firm's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $25.53, for a total transaction of $612,720.00. Following the completion of the transaction, the insider directly owned 250,589 shares of the company's stock, valued at approximately $6,397,537.17. The trade was a 8.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 149,000 shares of company stock valued at $3,809,117. Corporate insiders own 3.60% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on OSBC shares. Weiss Ratings restated a "buy (b)" rating on shares of Old Second Bancorp in a research note on Wednesday, August 26th. Raymond James Financial started coverage on shares of Old Second Bancorp in a report on Tuesday, July 7th. They issued an "outperform" rating and a $26.00 price target on the stock. DA Davidson increased their price target on shares of Old Second Bancorp from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Piper Sandler restated an "overweight" rating and set a $30.00 price objective (up from $26.00) on shares of Old Second Bancorp in a report on Monday, July 27th. Finally, Zacks Research lowered shares of Old Second Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 31st. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $25.40.

About Old Second Bancorp

Old Second Bancorp, Inc is the holding company for Old Second National Bank, a community bank headquartered in Aurora, Illinois. Founded in 1871, the bank serves individuals, businesses, municipalities and nonprofit organizations primarily across the greater Chicago metropolitan area and surrounding communities in northern Illinois.

Old Second National Bank provides a range of commercial and retail banking services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial real estate financing and business loans.

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