Temple Rocks, director of Old Second Bancorp Inc., acquired (NASDAQ:), 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 price return of 25.3% over the past six months and maintains an impressive financial health score according to InvestingPro analysis. The purchase, which occurred on December 23, 2024, was executed at a price of $17.7898 per share, amounting to a total transaction value of $100,067. The deal price is 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, ROX now owns a total of 24,635 shares, including 7,421 shares in its name and 6,773 shares of restricted stock units. InvestingPro Subscribers have access to 7 additional key insights and a comprehensive professional research report on OSBC's valuation and future prospects.
In other recent news, Old Second Bancorp has made big strides in the financial sector. The company announced strong financial results for the third quarter of 2024, with net income reaching $23 million. In addition, Old Second Bancorp reported a 20% increase in its general earnings, indicating 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:) James upgraded Old Second Bancorp from Outperform to Strong Buy, citing resilient net interest margin, strategic market share gains, and favorable economic outlook.
Old Second Bancorp also announced a new stock repurchase program authorized by its board of directors, under which it can repurchase up to $39.1 million of its common stock. The move is part of the company's capital management strategy and reflects its commitment to enhancing shareholder value.
Despite some challenges, including the recent identification of $14 million in non-performing loans, these are the latest developments for Old Second Bancorp. The company aims for mid-single-digit organic loan growth and expects expenses to grow 3-5% next year, primarily. Driven by salary and benefits.
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