Old Line Bancshares Inc. (OLBK) Rating Increased to Hold at Zacks Investment Research
Old Line Bancshares Inc. (NASDAQ:OLBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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. “
Old Line Bancshares (NASDAQ:OLBK) opened at 19.33 on Wednesday. The stock’s 50 day moving average is $19.54 and its 200 day moving average is $18.67. The stock has a market capitalization of $209.52 million, a price-to-earnings ratio of 20.14 and a beta of 0.49. Old Line Bancshares has a one year low of $16.34 and a one year high of $20.09.
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Old Line Bancshares (NASDAQ:OLBK) last issued its quarterly earnings data 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%. On average, equities analysts forecast that Old Line Bancshares will post $1.12 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date was Wednesday, September 14th. Old Line Bancshares’s payout ratio is currently 25.00%.
In other news, Director Thomas H. Graham bought 2,710 shares of the stock in a transaction that occurred on Wednesday, September 14th. The shares were purchased at an average cost of $19.18 per share, with a total value of $51,977.80. Following the completion of the acquisition, the director now directly owns 26,439 shares in the company, valued at $507,100.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 25.81% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OLBK. Wellington Management Group LLP raised its position in Old Line Bancshares by 1.8% in the first quarter. Wellington Management Group LLP now owns 640,619 shares of the company’s stock worth $11,551,000 after buying an additional 11,079 shares during the last quarter. RMB Capital Management LLC raised its position in Old Line Bancshares by 618.6% in the second quarter. RMB Capital Management LLC now owns 299,966 shares of the company’s stock worth $5,399,000 after buying an additional 258,223 shares during the last quarter. Mendon Capital Advisors Corp raised its position in Old Line Bancshares by 376.0% in the second quarter. Mendon Capital Advisors Corp now owns 229,211 shares of the company’s stock worth $4,126,000 after buying an additional 181,060 shares during the last quarter. BlackRock Fund Advisors raised its position in Old Line Bancshares by 736.0% in the second quarter. BlackRock Fund Advisors now owns 221,136 shares of the company’s stock worth $3,980,000 after buying an additional 194,683 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Old Line Bancshares by 9.7% in the second quarter. Vanguard Group Inc. now owns 215,079 shares of the company’s stock worth $3,872,000 after buying an additional 19,095 shares during the last quarter. 46.46% of the stock is currently owned by hedge funds and other institutional investors.
About Old Line Bancshares
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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