Legal & General Group Plc Buys Shares of 40,578 Old Second Bancorp, Inc. $OSBC

Key Points

• Legal & General Group Plc initiated a position in Old Second Bancorp by purchasing 40,578 shares valued at approximately $946,000. Institutional investors collectively own 67.76% of the company.
• Company insiders have been net sellers, with executives and directors selling 124,000 shares worth about $3.17 million over the past 90 days. Corporate insiders now own 3.60% of Old Second Bancorp.
• Old Second Bancorp reported quarterly EPS of $0.55, in line with analyst expectations, and pays a quarterly dividend of $0.07 per share. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $25.40.

Legal & General Group Plc bought a new position in Old Second Bancorp, Inc. (NASDAQ:OSBC - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 40,578 shares of the financial services provider's stock, valued at approximately $946,000. Legal & General Group Plc owned about 0.08% of Old Second Bancorp as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of OSBC. Los Angeles Capital Management LLC raised its holdings in shares of Old Second Bancorp by 1.8% in the fourth quarter. Los Angeles Capital Management LLC now owns 28,606 shares of the financial services provider's stock valued at $519,000 after buying an additional 493 shares during the last quarter. Quadrant Capital Group LLC increased its position in Old Second Bancorp by 32.7% in the 4th quarter. Quadrant Capital Group LLC now owns 2,523 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 622 shares during the period. Russell Investments Group Ltd. increased its position in Old Second Bancorp by 0.8% in the 4th quarter. Russell Investments Group Ltd. now owns 112,121 shares of the financial services provider's stock valued at $2,186,000 after acquiring an additional 908 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Old Second Bancorp by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,864 shares of the financial services provider's stock valued at $430,000 after acquiring an additional 1,067 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position 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 acquiring an additional 1,215 shares during the period. Hedge funds and other institutional investors own 67.76% of the company's stock.

Insiders Place Their Bets

In other news, Director Hugh McLean sold 25,000 shares of the company's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $25.73, for a total transaction of $643,250.00. Following the transaction, the director directly owned 135,351 shares of the company's stock, valued at $3,482,581.23. This represents a 15.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James Eccher sold 19,313 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $25.61, for a total transaction of $494,605.93. Following the transaction, 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 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. In the last ninety days, insiders have sold 124,000 shares of company stock worth $3,168,367. Corporate insiders own 3.60% of the company's stock.

Old Second Bancorp Stock Performance

Shares of OSBC stock opened at $25.72 on Tuesday. 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 stock has a 50 day simple moving average of $24.64 and a 200-day simple moving average of $22.19. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 14.78 and a beta of 0.70. Old Second Bancorp, Inc. has a 12-month low of $16.65 and a 12-month high of $26.06.

Old Second Bancorp (NASDAQ:OSBC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share 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%. On average, equities analysts forecast that Old Second Bancorp, Inc. will post 2.2 EPS for the current year.

Old Second Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Friday, July 31st were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, July 31st. Old Second Bancorp's payout ratio is presently 16.09%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Old Second Bancorp in a research note on Wednesday, August 26th. DA Davidson upped their price target 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. Zacks Research downgraded Old Second Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, August 31st. Raymond James Financial initiated coverage on 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, Piper Sandler reiterated an "overweight" rating and issued a $30.00 price objective (up from $26.00) on shares of Old Second Bancorp in a research report on Monday, July 27th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average 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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