Shares in OneSavings Bank PLC (LON:OSB) fell more than 6% this morning after one of its cornerstone investors put a 10% stake in the challenger bank up for sale.
US private equity giant JC Flowers – backed and founded by the American billionaire Christopher Flowers – sold 24.3mln shares in OneSavings at 395p a piece, netting the fund a cool £96mln.
Prior to OneSavings going public back in 2014, JC Flowers had a 97% interest in the bank after pumping in the best part of £100mln in the years before.
After today’s sale, the fund’s stake has fallen to 44%.
Peel Hunt analyst Anthony Da Costa said the 395p sale price offered investors “good upside” and repeated his ‘buy’ recommendation.
Da Costa also upped his price target for OneSavings to 485p after upgrading his estimates for this year and next by around 22%.
Shares fell 6.3% to 396p on Tuesday.