Arrowstreet Capital Limited Partnership Lowers Stock Holdings in Old Second Bancorp, Inc. $OSBC

Key Points

• Arrowstreet Capital reduced its Old Second Bancorp stake by 34.9% in the first quarter, selling 75,485 shares and retaining 141,026 shares worth approximately $2.84 million. Institutional investors collectively own 67.76% of the company.
• Old Second Bancorp reported quarterly earnings of $0.55 per share, matching estimates, while revenue of $96.59 million exceeded expectations. The company also declared a quarterly dividend of $0.07, representing a 1.1% annualized yield.
• Analyst sentiment remains positive, with the stock carrying a consensus “Buy” rating and an average price target of $25.40; Piper Sandler recently raised its target to $30.00.

Arrowstreet Capital Limited Partnership cut its holdings in shares of Old Second Bancorp, Inc. (NASDAQ:OSBC - Free Report) by 34.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,026 shares of the financial services provider's stock after selling 75,485 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.27% of Old Second Bancorp worth $2,843,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in OSBC. Harbour Investments Inc. purchased a new stake in shares of Old Second Bancorp during the fourth quarter worth $26,000. Rockefeller Capital Management L.P. acquired a new position in Old Second Bancorp during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC increased its holdings in Old Second Bancorp by 458.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,480 shares of the financial services provider's stock worth $26,000 after purchasing an additional 1,215 shares during the period. Parkside Financial Bank & Trust purchased a new stake in Old Second Bancorp during the 4th quarter worth about $45,000. Finally, Clearstead Advisors LLC raised its position in Old Second Bancorp by 793.8% in the 4th quarter. Clearstead Advisors LLC now owns 2,431 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 2,159 shares in the last quarter. Institutional investors and hedge funds own 67.76% of the company's stock.

Old Second Bancorp Price Performance

Shares of NASDAQ OSBC opened at $25.79 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90. Old Second Bancorp, Inc. has a fifty-two week low of $16.53 and a fifty-two week high of $26.04. The firm has a market capitalization of $1.33 billion, a PE ratio of 14.82 and a beta of 0.70. The stock's 50-day simple moving average is $22.95 and its 200-day simple moving average is $21.35.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share for the quarter, hitting the consensus estimate of $0.55. The firm had revenue of $96.59 million during the quarter, compared to analysts' expectations of $94.88 million. Old Second Bancorp had a return on equity of 12.85% and a net margin of 20.22%. As a group, equities research analysts forecast that Old Second Bancorp, Inc. will post 2.2 EPS for the current fiscal year.

Old Second Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Friday, July 31st will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, July 31st. Old Second Bancorp's dividend payout ratio (DPR) is 16.09%.

Analysts Set New Price Targets

OSBC has been the subject of a number of analyst reports. Piper Sandler reissued an "overweight" rating and set a $30.00 price objective (up from $26.00) on shares of Old Second Bancorp in a research report on Monday, July 27th. Zacks Research raised shares of Old Second Bancorp from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Old Second Bancorp in a research note on Friday, May 29th. Raymond James Financial began coverage on shares of Old Second Bancorp in a report on Tuesday, July 7th. They set an "outperform" rating and a $26.00 price target for the company. Finally, DA Davidson increased their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $25.40.

Old Second Bancorp Company Profile

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.

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