Old Line Bancshares Inc. (OLBK) Lowered to “Sell” at Zacks Investment Research
Old Line Bancshares Inc. (NASDAQ:OLBK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Old Line Bancshares is the parent company of Old Line Bank, a Maryland chartered commercial bank headquartered in Waldorf, Maryland. Old Line Bank’s primary market area is the suburban Maryland (Washington, D.C. suburbs) counties of Prince George’s, Charles and northern St. Mary’s. It also targets customers throughout the greater Washington, D.C. metropolitan area. “
Shares of Old Line Bancshares (NASDAQ:OLBK) traded up 0.25% during mid-day trading on Wednesday, reaching $19.95. The company’s stock had a trading volume of 85,219 shares. The firm’s 50 day moving average is $19.41 and its 200-day moving average is $18.53. The company has a market capitalization of $216.24 million, a PE ratio of 20.78 and a beta of 0.55. Old Line Bancshares has a 52-week low of $15.85 and a 52-week high of $20.09.
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Old Line Bancshares (NASDAQ:OLBK) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by $0.01. Old Line Bancshares had a net margin of 16.40% and a return on equity of 8.24%. Analysts forecast that Old Line Bancshares will post $1.12 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.20%. Old Line Bancshares’s dividend payout ratio is 25.00%.
In other Old Line Bancshares news, Director Thomas H. Graham purchased 2,710 shares of the stock in a transaction dated Wednesday, September 14th. The shares were acquired at an average price of $19.18 per share, for a total transaction of $51,977.80. Following the completion of the acquisition, the director now owns 26,439 shares of the company’s stock, valued at approximately $507,100.02. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 25.81% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisor Group Inc. acquired a new position in shares of Old Line Bancshares during the second quarter worth $155,000. Emerald Acquisition Ltd. purchased a new position in shares of Old Line Bancshares during the second quarter worth approximately $168,000. Nationwide Fund Advisors purchased a new position in shares of Old Line Bancshares during the second quarter worth approximately $218,000. Schwab Charles Investment Management Inc. purchased a new position in shares of Old Line Bancshares during the second quarter worth approximately $222,000. Finally, Teachers Advisors Inc. purchased a new position in shares of Old Line Bancshares during the second quarter worth approximately $244,000. Institutional investors and hedge funds own 46.46% of the company’s stock.
Old Line Bancshares Company Profile
Old Line Bancshares, Inc is the holding company of Old Line Bank (The Bank). The Bank is a chartered trust company engaged in commercial banking business, making various types of loans, investments and accepting deposits. It markets its financial services to small to medium sized businesses, entrepreneurs, professionals, consumers and clients.
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