$19.65 Million in Sales Expected for Old Line Bancshares, Inc. (OLBK) This Quarter
Analysts forecast that Old Line Bancshares, Inc. (NASDAQ:OLBK) will report $19.65 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Old Line Bancshares’ earnings. The highest sales estimate is $20.22 million and the lowest is $19.09 million. Old Line Bancshares posted sales of $15.48 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 26.9%. The firm is scheduled to issue its next earnings report on Thursday, October 19th.
According to Zacks, analysts expect that Old Line Bancshares will report full-year sales of $19.65 million for the current fiscal year, with estimates ranging from $71.90 million to $74.30 million. For the next financial year, analysts expect that the company will post sales of $104.99 million per share, with estimates ranging from $103.78 million to $106.20 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Old Line Bancshares.
A number of brokerages have commented on OLBK. Keefe, Bruyette & Woods cut Old Line Bancshares from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $31.00 to $29.00 in a research report on Monday, July 17th. Zacks Investment Research upgraded Old Line Bancshares from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 14th. Finally, BidaskClub cut Old Line Bancshares from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $29.00.
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In other Old Line Bancshares news, insider James W. Cornelsen acquired 1,813 shares of the company’s stock in a transaction dated Wednesday, July 19th. The stock was purchased at an average price of $27.51 per share, with a total value of $49,875.63. Following the completion of the purchase, the insider now directly owns 169,551 shares in the company, valued at approximately $4,664,348.01. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John M. Suit II acquired 3,350 shares of the company’s stock in a transaction dated Thursday, July 20th. The stock was acquired at an average cost of $27.52 per share, with a total value of $92,192.00. Following the purchase, the director now owns 64,394 shares of the company’s stock, valued at $1,772,122.88. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 8,241 shares of company stock valued at $271,562. Corporate insiders own 25.07% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American International Group Inc. boosted its stake in shares of Old Line Bancshares by 7.1% in the first quarter. American International Group Inc. now owns 5,153 shares of the bank’s stock worth $147,000 after acquiring an additional 342 shares during the period. Metropolitan Life Insurance Co. NY bought a new position in shares of Old Line Bancshares in the first quarter worth about $180,000. Ameriprise Financial Inc. bought a new position in shares of Old Line Bancshares in the second quarter worth about $201,000. Nationwide Fund Advisors boosted its stake in shares of Old Line Bancshares by 40.6% in the first quarter. Nationwide Fund Advisors now owns 7,193 shares of the bank’s stock worth $205,000 after acquiring an additional 2,077 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Old Line Bancshares by 6.9% in the second quarter. The Manufacturers Life Insurance Company now owns 7,950 shares of the bank’s stock worth $224,000 after acquiring an additional 516 shares during the period. 41.63% of the stock is owned by hedge funds and other institutional investors.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Thursday, September 14th. Old Line Bancshares’s dividend payout ratio (DPR) is 22.38%.
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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