Brokerages Expect Old Line Bancshares, Inc. (OLBK) Will Announce Quarterly Sales of $19.80 Million
Analysts expect Old Line Bancshares, Inc. (NASDAQ:OLBK) to announce $19.80 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Old Line Bancshares’ earnings. The lowest sales estimate is $19.28 million and the highest is $20.31 million. Old Line Bancshares posted sales of $15.48 million in the same quarter last year, which suggests a positive year over year growth rate of 27.9%. The firm is scheduled to announce its next quarterly earnings results on Thursday, October 19th.
According to Zacks, analysts expect that Old Line Bancshares will report full year sales of $19.80 million for the current year, with estimates ranging from $72.15 million to $73.60 million. For the next year, analysts expect that the firm 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 analysts that cover Old Line Bancshares.
Several research analysts recently weighed in on the company. Zacks Investment Research raised Old Line Bancshares from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 14th. ValuEngine raised Old Line Bancshares from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Keefe, Bruyette & Woods lowered Old Line Bancshares from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $31.00 to $29.00 in a research report on Monday, July 17th. Finally, BidaskClub lowered Old Line Bancshares from a “sell” rating to a “strong sell” rating in a research report 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 issued a buy rating to the company. Old Line Bancshares presently has an average rating of “Hold” and an average price target of $26.00.
Shares of Old Line Bancshares (NASDAQ OLBK) opened at 28.45 on Friday. Old Line Bancshares has a 1-year low of $18.91 and a 1-year high of $29.90. The firm has a market cap of $354.23 million, a PE ratio of 19.90 and a beta of 0.25. The firm’s 50-day moving average price is $27.15 and its 200 day moving average price is $27.72.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.08 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.32 annualized dividend and a yield of 1.12%. Old Line Bancshares’s dividend payout ratio is currently 22.38%.
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In related news, insider James W. Cornelsen purchased 1,813 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was purchased at an average cost of $27.51 per share, for a total transaction of $49,875.63. Following the acquisition, the insider now owns 169,551 shares in the company, valued at $4,664,348.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John M. Suit II purchased 3,350 shares of the stock in a transaction that occurred on Thursday, July 20th. The stock was bought at an average price of $27.52 per share, with a total value of $92,192.00. Following the completion of the acquisition, the director now owns 64,394 shares in the company, valued at approximately $1,772,122.88. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 8,241 shares of company stock valued at $271,562. 25.07% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. American International Group Inc. increased its holdings in Old Line Bancshares by 7.1% in the 1st quarter. American International Group Inc. now owns 5,153 shares of the bank’s stock valued at $147,000 after purchasing an additional 342 shares in the last quarter. Metropolitan Life Insurance Co. NY acquired a new stake in Old Line Bancshares in the 1st quarter valued at $180,000. Ameriprise Financial Inc. acquired a new stake in Old Line Bancshares in the 2nd quarter valued at $201,000. Nationwide Fund Advisors increased its holdings in Old Line Bancshares by 40.6% in the 1st quarter. Nationwide Fund Advisors now owns 7,193 shares of the bank’s stock valued at $205,000 after purchasing an additional 2,077 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Old Line Bancshares by 6.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,950 shares of the bank’s stock valued at $224,000 after purchasing an additional 516 shares in the last quarter. Hedge funds and other institutional investors own 41.63% of the company’s stock.
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. The Bank markets its financial services to small to medium sized businesses, entrepreneurs, professionals, consumers and clients.
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