$16.64 Million in Sales Expected for Old Line Bancshares, Inc. (OLBK) This Quarter
Brokerages forecast that Old Line Bancshares, Inc. (NASDAQ:OLBK) will announce sales of $16.64 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Old Line Bancshares’ earnings. The highest sales estimate is $16.75 million and the lowest is $16.53 million. Old Line Bancshares posted sales of $15.54 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.1%. The firm is expected to report its next earnings report on Wednesday, August 23rd.
According to Zacks, analysts expect that Old Line Bancshares will report full year sales of $16.64 million for the current financial year, with estimates ranging from $72.15 million to $73.60 million. For the next financial year, analysts anticipate that the company will report sales of $89.16 million per share, with estimates ranging from $87.91 million to $90.40 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Old Line Bancshares.
Several analysts have issued reports on OLBK shares. Zacks Investment Research cut Old Line Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, April 21st. Keefe, Bruyette & Woods cut Old Line Bancshares from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $31.00 to $29.00 in a research report on Monday, July 17th. BidaskClub cut Old Line Bancshares from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Finally, ValuEngine upgraded Old Line Bancshares from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $26.00.
Old Line Bancshares (NASDAQ OLBK) opened at 26.72 on Friday. The firm has a market cap of $332.69 million, a price-to-earnings ratio of 18.69 and a beta of 0.25. Old Line Bancshares has a 52-week low of $18.91 and a 52-week high of $29.90. The firm’s 50-day moving average price is $27.55 and its 200 day moving average price is $27.88.
In related news, insider James W. Cornelsen bought 1,813 shares of the business’s stock in a transaction on Wednesday, July 19th. The shares were bought at an average cost of $27.51 per share, for a total transaction of $49,875.63. Following the completion of the acquisition, the insider now directly owns 169,551 shares in the company, valued at $4,664,348.01. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephen J. Deadrick bought 200 shares of the business’s stock in a transaction on Monday, August 14th. The shares were bought at an average price of $262.44 per share, for a total transaction of $52,488.00. Following the completion of the acquisition, the director now owns 26,469 shares of the company’s stock, valued at $6,946,524.36. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 8,241 shares of company stock valued at $271,562. 25.07% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Oxford Asset Management acquired a new position in Old Line Bancshares during the first quarter worth approximately $303,000. Hillsdale Investment Management Inc. purchased a new stake in Old Line Bancshares during the first quarter worth $981,000. Catalyst Capital Advisors LLC purchased a new stake in Old Line Bancshares during the first quarter worth $456,000. Acrospire Investment Management LLC increased its stake 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 worth $101,000 after buying an additional 3,525 shares during the period. Finally, Bank of New York Mellon Corp increased its stake 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 worth $879,000 after buying an additional 4,854 shares during the period. Institutional investors and hedge funds own 42.41% 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. The Bank markets its financial services to small to medium sized businesses, entrepreneurs, professionals, consumers and clients.
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