Temple Rocks, a director at Old Second Bancorp Inc. (NASDAQ:OSBC), has recently acquired 5,625 shares of the company’s common stock. The regional bank, currently valued at $795.7 million, has demonstrated strong momentum with a 25.3% price return over the past six months and maintains a GREAT financial health score according to InvestingPro analysis. The purchase, which took place on December 23, 2024, was executed at a price of $17.7898 per share, amounting to a total transaction value of $100,067. The transaction price sits near the stock’s 52-week high of $19.37, with shares trading at an attractive P/E ratio of 9.45. Following this acquisition, Rocks now holds a total of 24,635 shares, including 7,421 shares in her name and 6,773 shares of restricted stock units. InvestingPro subscribers can access 7 additional key insights and a comprehensive Pro Research Report about OSBC’s valuation and future prospects.
In other recent news, Old Second Bancorp has been making significant strides in the financial sector. The company reported robust financial results for the third quarter of 2024, with a net income of $23 million. Additionally, Old Second Bancorp announced a 20% increase in its common dividend, signaling confidence in its financial performance.
The company’s recent acquisition of five branches in Southeast Chicago, adding approximately $275 million in deposits, demonstrates its effective execution of market share expansion strategies. Raymond (NS:RYMD) James upgraded Old Second Bancorp from Outperform to Strong Buy, citing a resilient net interest margin, strategic market share gains, and a favorable economic outlook.
Old Second Bancorp also announced a new stock repurchase program authorized by its Board of Directors, under which it may buy back up to $39.1 million of its common stock. This move is part of the company’s capital management strategy and reflects its commitment to enhancing shareholder value.
Despite some challenges, including a recent $14 million non-performing loan identification, these are the recent developments for Old Second Bancorp. The company aims for mid-single-digit organic loan growth and projects expense growth of 3-5% next year, primarily driven by salaries and benefits.
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