Hsbc Holdings PLC Buys Shares of 66,312 Old Second Bancorp, Inc. $OSBC

Key Points

• Hsbc Holdings PLC acquired 66,312 shares of Old Second Bancorp during the second quarter, worth approximately $1.54 million. Institutional investors collectively own 67.76% of the bank holding company.
• Analysts remain broadly bullish, with the stock receiving an average “Buy” rating and a consensus price target of $25.40; Piper Sandler recently raised its target to $30.00.
• Old Second Bancorp reported quarterly EPS of $0.55, matching estimates, and maintains a quarterly dividend of $0.07, equivalent to a 1.1% yield. CEO James Eccher separately sold 19,313 shares under a pre-arranged trading plan.

Hsbc Holdings PLC purchased a new position in shares of Old Second Bancorp, Inc. (NASDAQ:OSBC - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 66,312 shares of the financial services provider's stock, valued at approximately $1,541,000. Hsbc Holdings PLC owned about 0.13% of Old Second Bancorp as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in OSBC. Legal & General Group Plc bought a new stake in shares of Old Second Bancorp in the second quarter worth $946,000. The Manufacturers Life Insurance Company acquired a new position in Old Second Bancorp during the second quarter worth $20,350,000. Sanctuary Advisors LLC bought a new position in Old Second Bancorp in the second quarter valued at $791,000. Davis Asset Management L.P. bought a new position in Old Second Bancorp in the second quarter valued at $41,976,000. Finally, Ieq Capital LLC acquired a new stake in Old Second Bancorp in the 2nd quarter valued at $1,173,000. 67.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler reissued an "overweight" rating and set a $30.00 price target (up from $26.00) on shares of Old Second Bancorp in a research report on Monday, July 27th. Weiss Ratings restated a "buy (b)" rating on shares of Old Second Bancorp in a report on Wednesday, August 26th. DA Davidson lifted their target price on Old Second Bancorp from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Zacks Research upgraded Old Second Bancorp from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. Finally, Raymond James Financial started coverage on Old Second Bancorp in a research report on Tuesday, July 7th. They set an "outperform" rating and a $26.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $25.40.

Old Second Bancorp Price Performance

Shares of OSBC opened at $25.08 on Tuesday. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 14.41 and a beta of 0.70. Old Second Bancorp, Inc. has a 1-year low of $16.65 and a 1-year high of $26.06. The company's fifty day simple moving average is $24.39 and its 200 day simple moving average is $22.01. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.08.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.55 EPS for the quarter, meeting analysts' consensus estimates of $0.55. Old Second Bancorp had a net margin of 20.22% and a return on equity of 12.79%. On average, research analysts forecast 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 announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Friday, July 31st were issued 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 is presently 16.09%.

Insider Activity

In related news, CEO James Eccher sold 19,313 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $25.61, for a total value of $494,605.93. Following the completion of the sale, the chief executive officer directly owned 303,399 shares in the company, valued at approximately $7,770,048.39. This trade represents a 5.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.60% of the company's stock.

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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