The Manufacturers Life Insurance Company Takes $20.35 Million Position in Old Second Bancorp, Inc. $OSBC

The Manufacturers Life Insurance Company purchased a new position in shares of Old Second Bancorp, Inc. (NASDAQ:OSBC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 872,651 shares of the financial services provider’s stock, valued at approximately $20,350,000. The Manufacturers Life Insurance Company owned about 1.72% of Old Second Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Old Second Bancorp in the 2nd quarter valued at approximately $100,245,000. Davis Asset Management L.P. bought a new stake in Old Second Bancorp during the 2nd quarter worth approximately $41,976,000. Boston Partners bought a new stake in Old Second Bancorp during the 4th quarter worth approximately $15,994,000. Wellington Management Group LLP increased its position in Old Second Bancorp by 521.2% in the 4th quarter. Wellington Management Group LLP now owns 969,708 shares of the financial services provider’s stock valued at $18,909,000 after acquiring an additional 813,600 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Old Second Bancorp by 74.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,478,332 shares of the financial services provider’s stock valued at $24,599,000 after acquiring an additional 630,265 shares during the period. Institutional investors and hedge funds own 67.76% of the company’s stock.

Analyst Ratings Changes

OSBC has been the subject of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $30.00 target price (up from $26.00) on shares of Old Second Bancorp in a research report on Monday, July 27th. Raymond James Financial assumed coverage on Old Second Bancorp in a research report on Tuesday, July 7th. They issued an “outperform” rating and a $26.00 price target on the stock. Zacks Research raised Old Second Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. DA Davidson raised their price objective on Old Second Bancorp from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old Second Bancorp in a research note on Friday, May 29th. 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $25.40.

Insider Transactions at Old Second Bancorp

In other Old Second Bancorp news, CEO James Eccher sold 55,687 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $25.46, for a total value of $1,417,791.02. Following the transaction, the chief executive officer directly owned 322,712 shares of the company’s stock, valued at approximately $8,216,247.52. The trade was a 14.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Price Performance

Shares of NASDAQ OSBC opened at $25.17 on Friday. Old Second Bancorp, Inc. has a twelve month low of $16.65 and a twelve month high of $26.06. The firm has a fifty day simple moving average of $24.26 and a 200 day simple moving average of $21.95. The company has a market capitalization of $1.28 billion, a PE ratio of 14.47 and a beta of 0.70. 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 released its earnings results on Wednesday, July 22nd. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. Old Second Bancorp had a net margin of 20.22% and a return on equity of 12.79%. On average, sell-side analysts forecast that Old Second Bancorp, Inc. will post 2.2 EPS for the current year.

Old Second Bancorp Announces Dividend

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

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.