Bank of New York Mellon Corp Purchases Shares of 342,013 Old Second Bancorp, Inc. $OSBC

Key Points

• Bank of New York Mellon purchased 342,013 shares of Old Second Bancorp in the second quarter, valued at approximately $8.0 million and representing a 0.67% stake. Institutional investors collectively own 67.76% of the company.
• Company insiders sold 124,000 shares worth about $3.17 million in the last quarter, including sales by CEO James Eccher and insider Darin Patrick Campbell. Insiders retain a 3.60% ownership stake.
• Old Second Bancorp reported quarterly EPS of $0.55, in line with estimates, and pays a $0.07 quarterly dividend. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $25.40.

Bank of New York Mellon Corp purchased a new stake in Old Second Bancorp, Inc. (NASDAQ:OSBC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 342,013 shares of the financial services provider's stock, valued at approximately $7,976,000. Bank of New York Mellon Corp owned 0.67% of Old Second Bancorp as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. GSA Capital Partners LLP bought a new stake in shares of Old Second Bancorp during the second quarter worth $812,000. Parallel Advisors LLC lifted its position in Old Second Bancorp by 181.3% in the 1st quarter. Parallel Advisors LLC now owns 2,622 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 1,690 shares in the last quarter. Janus Henderson Group PLC lifted its position in Old Second Bancorp by 67.8% in the 1st quarter. Janus Henderson Group PLC now owns 26,232 shares of the financial services provider's stock valued at $529,000 after acquiring an additional 10,597 shares in the last quarter. Amundi acquired a new position in Old Second Bancorp in the 1st quarter worth $276,000. Finally, Empowered Funds LLC increased its holdings in Old Second Bancorp by 6.1% during the 1st quarter. Empowered Funds LLC now owns 233,559 shares of the financial services provider's stock worth $4,709,000 after purchasing an additional 13,438 shares in the last quarter. Institutional investors own 67.76% of the company's stock.

Insider Activity

In other news, insider Darin Patrick Campbell sold 24,000 shares of the business's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $25.53, for a total transaction of $612,720.00. Following the transaction, the insider directly owned 250,589 shares in the company, valued at $6,397,537.17. The trade was a 8.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Eccher sold 55,687 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $25.46, for a total transaction of $1,417,791.02. Following the completion of the sale, the chief executive officer directly owned 322,712 shares in the company, valued at approximately $8,216,247.52. The trade was a 14.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 124,000 shares of company stock valued at $3,168,367 in the last quarter. Company insiders own 3.60% of the company's stock.

Old Second Bancorp Stock Up 0.6%

NASDAQ:OSBC opened at $25.68 on Friday. Old Second Bancorp, Inc. has a twelve month low of $16.65 and a twelve month high of $26.06. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 14.76 and a beta of 0.70. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.08. The stock's 50 day moving average price is $24.54 and its two-hundred day moving average price is $22.12.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.55 EPS for the quarter, meeting the consensus estimate of $0.55. Old Second Bancorp had a return on equity of 12.79% and a net margin of 20.22%. Equities research analysts expect that Old Second Bancorp, Inc. will post 2.2 earnings per share for the current fiscal year.

Old Second Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Friday, July 31st were 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 was Friday, July 31st. Old Second Bancorp's dividend payout ratio (DPR) is 16.09%.

Analyst Ratings Changes

A number of brokerages have recently commented on OSBC. DA Davidson boosted their price target on Old Second Bancorp from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Raymond James Financial assumed coverage on Old Second Bancorp in a report on Tuesday, July 7th. They set an "outperform" rating and a $26.00 price objective for the company. Weiss Ratings reissued a "buy (b)" rating on shares of Old Second Bancorp in a research report on Wednesday, August 26th. Piper Sandler restated an "overweight" rating and issued a $30.00 target price (up from $26.00) on shares of Old Second Bancorp in a research note 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. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $25.40.

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.

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