Old Line Bancshares, Inc. (NASDAQ:OLBK) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

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. “

Several other research firms have also recently commented on OLBK. ValuEngine upgraded Old Line Bancshares from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Keefe, Bruyette & Woods cut Old Line Bancshares from an “outperform” rating to a “market perform” rating and cut their target price for the company from $31.00 to $29.00 in a research note on Monday, July 17th.

Old Line Bancshares (OLBK) traded down 0.18% during trading on Thursday, reaching $27.60. The company had a trading volume of 49,993 shares. The company has a 50 day moving average price of $28.28 and a 200 day moving average price of $27.83. The company has a market capitalization of $302.39 million, a PE ratio of 19.30 and a beta of 0.26. Old Line Bancshares has a 52-week low of $18.79 and a 52-week high of $29.90.

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In related news, insider James W. Cornelsen purchased 1,813 shares of the stock in a transaction on Wednesday, July 19th. The shares were purchased at an average price of $27.51 per share, with a total value of $49,875.63. Following the transaction, the insider now directly owns 169,551 shares of the company’s stock, valued at $4,664,348.01. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John M. Suit II purchased 3,350 shares of the stock in a transaction on Thursday, July 20th. The shares were bought at an average cost of $27.52 per share, for a total transaction of $92,192.00. Following the transaction, the director now directly owns 64,394 shares in the company, valued at $1,772,122.88. The disclosure for this purchase can be found here. Insiders acquired a total of 6,741 shares of company stock worth $185,423 in the last 90 days. Company insiders own 25.07% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of OLBK. Acrospire Investment Management LLC raised its position in Old Line Bancshares by 44,062.5% in the first quarter. Acrospire Investment Management LLC now owns 3,533 shares of the bank’s stock valued at $101,000 after buying an additional 3,525 shares during the period. Bank of New York Mellon Corp raised its position in Old Line Bancshares by 18.7% in the first quarter. Bank of New York Mellon Corp now owns 30,880 shares of the bank’s stock valued at $879,000 after buying an additional 4,854 shares during the period. LSV Asset Management raised its position in Old Line Bancshares by 16.8% in the first quarter. LSV Asset Management now owns 25,411 shares of the bank’s stock valued at $723,000 after buying an additional 3,658 shares during the period. Monarch Partners Asset Management LLC raised its position in Old Line Bancshares by 12.8% in the first quarter. Monarch Partners Asset Management LLC now owns 20,884 shares of the bank’s stock valued at $595,000 after buying an additional 2,370 shares during the period. Finally, Wells Fargo & Company MN raised its position in Old Line Bancshares by 72.4% in the first quarter. Wells Fargo & Company MN now owns 45,053 shares of the bank’s stock valued at $1,283,000 after buying an additional 18,923 shares during the period. 46.78% of the stock is currently owned by hedge funds and other institutional investors.

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. The Bank markets its financial services to small to medium sized businesses, entrepreneurs, professionals, consumers and clients.

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