BlackRock Inc. Makes New $100.25 Million Investment in Old Second Bancorp, Inc. $OSBC

Key Points

• BlackRock acquired a major stake in Old Second Bancorp during the second quarter, purchasing 4.30 million shares worth approximately $100.25 million and gaining an 8.36% ownership position. Institutional investors collectively own 67.76% of the company.
• Analysts remain broadly bullish on OSBC, with a consensus “Buy” rating and a $25.40 target price; recent targets range from $25 to $30. The company reported quarterly EPS of $0.55, matching estimates.
• CEO James Eccher sold 55,687 shares for about $1.42 million under a pre-arranged Rule 10b5-1 plan. Old Second Bancorp also maintains a quarterly dividend of $0.07 per share, yielding approximately 1.1%.

BlackRock Inc. bought a new stake in Old Second Bancorp, Inc. (NASDAQ:OSBC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,298,683 shares of the financial services provider's stock, valued at approximately $100,245,000. BlackRock Inc. owned about 8.36% of Old Second Bancorp at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbour Investments Inc. acquired a new position in Old Second Bancorp in the 4th quarter valued at approximately $26,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Old Second Bancorp by 458.5% during the second 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. Rockefeller Capital Management L.P. bought a new stake in shares of Old Second Bancorp in the fourth quarter worth $27,000. Parkside Financial Bank & Trust acquired a new stake in Old Second Bancorp in the fourth quarter valued at $45,000. Finally, Clearstead Advisors LLC increased its holdings in Old Second Bancorp by 793.8% in the fourth 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 during the period. 67.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on OSBC shares. 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 target price on the stock. Piper Sandler reissued an "overweight" rating and issued a $30.00 price target (up from $26.00) on shares of Old Second Bancorp in a research note on Monday, July 27th. Weiss Ratings restated a "buy (b)" rating on shares of Old Second Bancorp in a research report on Wednesday. DA Davidson lifted their price objective on Old Second Bancorp from $24.00 to $25.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Finally, Zacks Research upgraded Old Second Bancorp from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Old Second Bancorp has a consensus rating of "Buy" and a consensus target price of $25.40.

Insider Transactions at Old Second Bancorp

In other news, CEO James Eccher sold 55,687 shares of the firm's stock in a transaction that occurred on 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 owned 322,712 shares of the company's stock, valued at $8,216,247.52. This trade represents a 14.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.60% of the company's stock.

Old Second Bancorp Stock Performance

Shares of Old Second Bancorp stock opened at $25.24 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average price of $24.33 and a two-hundred day moving average price of $21.98. Old Second Bancorp, Inc. has a 1-year low of $16.65 and a 1-year high of $26.06. The company has a market cap of $1.28 billion, a P/E ratio of 14.51 and a beta of 0.70.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, meeting 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, analysts anticipate that Old Second Bancorp, Inc. will post 2.2 EPS for the current year.

Old Second Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Friday, July 31st were paid a $0.07 dividend. 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 16.09%.

Old Second Bancorp 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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