1,800,000 Shares in Old Second Bancorp, Inc. $OSBC Acquired by Davis Asset Management L.P.

Davis Asset Management L.P. purchased a new position in Old Second Bancorp, Inc. (NASDAQ:OSBC) in the second quarter, Holdings Channel reports. The fund purchased 1,800,000 shares of the financial services provider’s stock, valued at approximately $41,976,000. Old Second Bancorp comprises about 1.1% of Davis Asset Management L.P.’s holdings, making the stock its 29th largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ieq Capital LLC acquired a new stake in shares of Old Second Bancorp in the 2nd quarter valued at $1,173,000. MSH Capital Advisors LLC purchased a new stake in shares of Old Second Bancorp during the 2nd quarter worth $1,978,000. Great Lakes Advisors LLC acquired a new position in shares of Old Second Bancorp during the second quarter worth $4,755,000. BlackRock Inc. acquired a new position in shares of Old Second Bancorp during the second quarter worth $100,245,000. Finally, Deutsche Bank AG purchased a new position in Old Second Bancorp in the second quarter valued at $1,190,000. Institutional investors and hedge funds own 67.76% of the company’s stock.

Insiders Place Their Bets

In related news, CEO James Eccher sold 19,313 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $25.61, for a total transaction of $494,605.93. Following the completion of the sale, the chief executive officer owned 303,399 shares in the company, valued at $7,770,048.39. This represents a 5.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.60% of the stock is currently owned by corporate insiders.

Old Second Bancorp Trading Up 0.5%

OSBC opened at $25.33 on Friday. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 14.56 and a beta of 0.70. Old Second Bancorp, Inc. has a 52 week low of $16.65 and a 52 week high of $26.06. The business’s 50 day moving average is $23.99 and its two-hundred day moving average is $21.81. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.08.

Old Second Bancorp (NASDAQ:OSBC) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share 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%. On average, research analysts predict 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. Investors of record on Friday, July 31st were given a $0.07 dividend. The ex-dividend date was Friday, July 31st. This represents a $0.28 annualized dividend and a yield of 1.1%. Old Second Bancorp’s dividend payout ratio is 16.09%.

Analysts Set New Price Targets

A number of analysts have weighed in on OSBC shares. Zacks Research upgraded Old Second Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Raymond James Financial initiated coverage on Old Second Bancorp in a research report on Tuesday, July 7th. They set an “outperform” rating and a $26.00 price objective for the company. 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 report on Monday, July 27th. DA Davidson increased their price objective on Old Second Bancorp from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Old Second Bancorp in a research report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $25.40.

Old Second Bancorp Company 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.