Old Line Bancshares, Inc. (OLBK) Lifted to “Hold” at Zacks Investment Research
Old Line Bancshares, Inc. (NASDAQ:OLBK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued 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. “
OLBK has been the topic of several other reports. Keefe, Bruyette & Woods cut Old Line Bancshares from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $31.00 to $29.00 in a research note on Monday, July 17th. ValuEngine raised Old Line Bancshares from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, BidaskClub cut Old Line Bancshares from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Old Line Bancshares has an average rating of “Hold” and a consensus price target of $26.00.
Old Line Bancshares (OLBK) traded up 1.15% during trading on Thursday, reaching $27.31. The company had a trading volume of 74,921 shares. The company has a market capitalization of $340.04 million, a PE ratio of 19.10 and a beta of 0.25. The firm’s 50 day moving average is $27.13 and its 200 day moving average is $27.74. Old Line Bancshares has a one year low of $18.91 and a one year high of $29.90.
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In other news, Director Stephen J. Deadrick acquired 1,800 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average price of $26.22 per share, with a total value of $47,196.00. Following the completion of the purchase, the director now directly owns 24,472 shares in the company, valued at $641,655.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen J. Deadrick acquired 200 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was purchased at an average cost of $262.44 per share, for a total transaction of $52,488.00. Following the purchase, 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. In the last ninety days, insiders have bought 8,241 shares of company stock worth $271,562. Insiders own 25.07% of the company’s stock.
Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in Old Line Bancshares by 29.4% in the first quarter. JPMorgan Chase & Co. now owns 29,672 shares of the bank’s stock worth $845,000 after purchasing an additional 6,743 shares in the last quarter. ClariVest Asset Management LLC grew its stake in Old Line Bancshares by 31.7% in the first quarter. ClariVest Asset Management LLC now owns 27,000 shares of the bank’s stock worth $769,000 after purchasing an additional 6,500 shares in the last quarter. Vanguard Group Inc. grew its stake in Old Line Bancshares by 37.5% in the first quarter. Vanguard Group Inc. now owns 318,377 shares of the bank’s stock worth $9,067,000 after purchasing an additional 86,894 shares in the last quarter. Wells Fargo & Company MN grew its stake 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 worth $1,283,000 after purchasing an additional 18,923 shares in the last quarter. Finally, Stifel Financial Corp grew its stake in Old Line Bancshares by 10.3% in the first quarter. Stifel Financial Corp now owns 32,465 shares of the bank’s stock worth $924,000 after purchasing an additional 3,034 shares in the last quarter. 41.63% of the stock is currently owned by 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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