Old Second Bancorp (NASDAQ:OSBC) Sees Unusual Trading Volume in Its Shares


Old Second Bancorp shares had a trading volume of 255K by the end of trading on Wednesday. Shares saw a steep increase in trading volume of 234.04% over the normal average daily volume.

Investors are more bearish lately if you take into consideration the rise in short interest. The company recorded a rise in short interest of 9.48% between September 29, 2017 and October 13, 2017. Short shares increased from 446,684 to 489,013 over that timeframe. The days to cover increased to 7.0 and the percentage of shorted shares was 0.02% on October 13.

Old Second Bancorp (NASDAQ:OSBC) has been the object of insider selling activity recently. EVP Keith Gottschalk sold 400 shares at an average price of $13.69 on November 3rd. That brings Gottschalk’s holdings to $385,689 as reported to the SEC. EVP Keith Gottschalk disclosed the sale of 500 shares of OSBC stock. The shares were sold on October 27th for an average price of $14.00. The EVP now owns $398,987 of the stock according to the SEC filing.

Director John Ladowicz sold 8,450 shares at an average price of $12.11 on Wed the 20th. That brings the Director’s holdings to $3,053,863 per an SEC filing yesterday.

A few notable investment firms have updated their holdings. As of quarter end Tiaa Cref Investment Management LLC had sold a total of 3,525 shares trimming its position 4.2%. The value of the investment in Old Second Bancorp went from $976,000 to $1,089,000 a change of $113,000 quarter over quarter. As of the end of the quarter Oxford Asset Management had disposed of 24,951 shares trimming its holdings by 14.3%. The value of the investment in (OSBC) decreased from $2,017,000 to $2,000,000 a change of 0.8% since the last quarter.

As of quarter end Millennium Management LLC had acquired 8,664 shares growing its stake by 3.7%. The value of the company’s investment in Old Second Bancorp went from $2,732,000 to $3,298,000 increasing 20.7% quarter to quarter. As of quarter end Renaissance Technologies LLC had acquired 105,200 shares growing its stake by 12.5%. The value of the investment in OSBC increased from $9,751,000 to $12,769,000 a change of 31.0% for the reporting period.

On October 3 Keefe, Bruyette & Woods maintained a company rating of “Hold” with a current price target of $11.50. DA Davidson released a research note on OSBC with an initial rating of “Neutral”.

The company is trading up from yesterday’s close of 12.6. The company’s P/E ratio is 17.09 and the market cap of the company is 382.19M. In the last earnings report the EPS was $0.75 with 29.63M shares now outstanding.

Old Second Bancorp, Inc., launched on September 18, 1981, is a bank holding company. The Company conducts a full service community banking and trust business through its subsidiaries, including Old Second National Bank (the Bank), Old Second Capital Trust I, Old Second Capital Trust II and Old Second Affordable Housing Fund, L.L.C. The Bank’s subsidiary is River Street Advisors, LLC. The Bank’s full service banking businesses include the customary consumer and commercial products and services that banking institutions provide, including demand, negotiable order of withdrawal (NOW), money market, savings, time deposit and individual retirement accounts; commercial, industrial, consumer and real estate lending, including installment loans, agricultural loans, lines of credit and overdraft checking; safe deposit operations; trust services; wealth management services, and a range of additional services tailored to the needs of individual customers, such as the acquisition of the United States Treasury notes and bonds, money orders, cashiers’ checks and foreign currency, direct deposit, discount brokerage, debit cards, credit cards and other special services. The Bank’s lending activities include making commercial and consumer loans. Commercial lending focuses on business, capital, construction, inventory and real estate lending. Installment lending includes direct and indirect loans to consumers and commercial customers..