Cubist Systematic Strategies LLC Reduces Stock Holdings in Old Second Bancorp, Inc. $OSBC

Key Points

• Cubist Systematic Strategies LLC reduced its stock holdings in Old Second Bancorp by 45.7%, selling 22,309 shares and retaining 26,514 shares valued at $441,000.
• In contrast, other hedge funds significantly increased their positions in Old Second Bancorp, with GAMMA Investing LLC raising its holdings by 4,125.0% and Quarry LP increasing theirs by 145.5% in the first quarter.
• Old Second Bancorp reported a quarterly earnings per share of $0.48, slightly below the consensus estimate of $0.49, and announced a special dividend of $0.06, yielding 130.0%.

Cubist Systematic Strategies LLC cut its holdings in Old Second Bancorp, Inc. (NASDAQ:OSBC - Free Report) by 45.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,514 shares of the financial services provider's stock after selling 22,309 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.06% of Old Second Bancorp worth $441,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Old Second Bancorp by 4,125.0% in the 1st quarter. GAMMA Investing LLC now owns 5,408 shares of the financial services provider's stock valued at $90,000 after buying an additional 5,280 shares in the last quarter. Quarry LP increased its position in Old Second Bancorp by 145.5% in the 1st quarter. Quarry LP now owns 5,802 shares of the financial services provider's stock valued at $97,000 after buying an additional 3,439 shares in the last quarter. PharVision Advisers LLC bought a new stake in Old Second Bancorp in the 4th quarter valued at about $178,000. Quantbot Technologies LP increased its position in Old Second Bancorp by 50.4% in the 1st quarter. Quantbot Technologies LP now owns 11,322 shares of the financial services provider's stock valued at $188,000 after buying an additional 3,794 shares in the last quarter. Finally, Avantax Advisory Services Inc. bought a new stake in Old Second Bancorp in the 1st quarter valued at about $193,000. 67.76% of the stock is owned by institutional investors.

Old Second Bancorp Stock Performance

Shares of NASDAQ OSBC traded down $0.13 during midday trading on Friday, reaching $18.26. The company's stock had a trading volume of 193,755 shares, compared to its average volume of 190,922. Old Second Bancorp, Inc. has a 12-month low of $14.14 and a 12-month high of $19.46. The firm has a 50 day moving average price of $18.03 and a 200-day moving average price of $17.06. The stock has a market capitalization of $961.39 million, a P/E ratio of 9.98 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.85 and a quick ratio of 0.85.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $0.48 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.01). Old Second Bancorp had a return on equity of 12.53% and a net margin of 24.38%.The business had revenue of $75.13 million during the quarter, compared to analysts' expectations of $63.58 million. As a group, equities analysts predict that Old Second Bancorp, Inc. will post 1.86 earnings per share for the current year.

Old Second Bancorp Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Monday, August 4th. Investors of record on Friday, July 25th were paid a $0.06 dividend. The ex-dividend date was Friday, July 25th. This represents a yield of 130.0%. Old Second Bancorp's dividend payout ratio is presently 13.11%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on OSBC. DA Davidson boosted their target price on Old Second Bancorp from $17.00 to $19.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Piper Sandler reiterated an "overweight" rating and set a $24.50 price target (up previously from $22.00) on shares of Old Second Bancorp in a research note on Wednesday, July 2nd. Finally, Wall Street Zen upgraded Old Second Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $20.70.

About Old Second Bancorp

Old Second Bancorp, Inc operates as the bank holding company for Old Second National Bank that provides community banking services. It offers demand, NOW, money market, savings, time deposit, individual retirement, and checking accounts, as well as certificates of deposit accounts. The company also provides commercial loans; lease financing receivables; commercial real estate loans; construction loans; residential real estate loans, such as residential first mortgage and second mortgage loans; home equity line of credit; consumer loans, including motor vehicle, home improvement, and signature loans; installment and agricultural loans; residential mortgages; and overdraft checking.