In a recent move within the financial sector, John Ladowicz, a director at Old Second Bancorp Inc. (NASDAQ:OSBC), has sold a significant amount of company stock. The transaction, which took place on July 22, 2024, involved the sale of 30,585 shares at an average price of $16.2177 per share, resulting in a total value of $496,018.
Investors tracking insider activity may note that these shares were not sold at a single price point; instead, they were sold in multiple transactions with prices ranging from $16.08 to $16.36. This price variance suggests a weighted average, accommodating the different prices at which the stock was sold.
Following the sale, Ladowicz still holds a substantial number of shares in Old Second Bancorp. According to the filing, he has an indirect ownership of 189,192 shares through his Individual Retirement Accounts (IRAs), specifically a Roth IRA and a traditional IRA. Additionally, the director maintains direct ownership of 32,931 shares, which includes 22,490 shares held outright and 10,441 shares in the form of restricted stock units.
Investors and analysts often scrutinize insider sales and purchases as they can provide insights into how the company's leadership views the stock's value and future prospects. In this instance, while the sale is significant, Ladowicz's remaining stake in the company indicates a continued vested interest in Old Second Bancorp's performance.
The details of the transaction have been made available to the public, and Old Second Bancorp, as well as the Securities and Exchange Commission, can provide further information about the specific prices and amounts of shares sold upon request.
The financial community will be watching to see how this insider transaction might affect the perception of Old Second Bancorp's stock and its performance in the market going forward.
In other recent news, Old Second Bancorp reported steady growth for the second quarter of 2024. The company announced a net income of $21.9 million, or $0.48 per diluted share, with return on assets standing at 1.57% and return on average tangible common equity at 17.66%. Net interest margin saw a slight increase due to higher rates on variable securities and loans. The company's loan growth was primarily in the commercial, lease, and construction portfolios, totaling $7.2 million. Despite a decrease in average and total deposits, Old Second Bancorp expressed optimism about future loan growth and investment opportunities. The company remains focused on managing liquidity, building capital, and optimizing the balance sheet. In terms of market activity, there is a possibility of mergers and acquisitions, but the company will remain disciplined on price.
InvestingPro Insights
As market observers evaluate the implications of John Ladowicz's recent sale of Old Second Bancorp Inc. stock, it's worth considering some key performance metrics and expert analysis provided by InvestingPro. With a market capitalization of $743.09 million and a solid P/E ratio of 8.64, Old Second Bancorp stands as a notable player within the financial sector. The company has shown a dedication to its shareholders, maintaining dividend payments for nine consecutive years, which is indicative of its financial health and commitment to returning value.
InvestingPro Tips highlight that the company has been trading near its 52-week high, with a price that is 97.53% of this peak, reflecting a strong return over the last month of 20.42%. This could be a signal of investor confidence and market momentum. Additionally, analysts on InvestingPro have predicted that the company will remain profitable this year, a sentiment underpinned by a profitable performance over the last twelve months. For those interested in deeper analysis, there are 8 additional InvestingPro Tips available that could provide further insights into Old Second Bancorp's future performance.
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