Zacks Investment Research upgraded shares of Old Line Bancshares, Inc. (NASDAQ:OLBK) from a strong sell rating to a hold rating in a report published on Thursday morning.
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. “
Other analysts have also recently issued research reports about the company. BidaskClub cut Old Line Bancshares from a sell rating to a strong sell rating in a research report on Monday, July 24th. 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. Finally, ValuEngine upgraded Old Line Bancshares from a hold rating to a buy rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $26.00.
Shares of Old Line Bancshares (OLBK) opened at 27.31 on Thursday. Old Line Bancshares has a 12 month low of $18.91 and a 12 month high of $29.90. The company has a market cap of $340.04 million, a P/E ratio of 19.10 and a beta of 0.25. The stock’s 50 day moving average price is $27.13 and its 200-day moving average price is $27.74.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend is Thursday, September 14th. Old Line Bancshares’s payout ratio is 22.38%.
In other Old Line Bancshares news, insider James W. Cornelsen bought 1,813 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The stock was purchased at an average price of $27.51 per share, for a total transaction of $49,875.63. Following the completion of the transaction, the insider now owns 169,551 shares of the company’s stock, valued at approximately $4,664,348.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen J. Deadrick bought 200 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were acquired at an average price of $262.44 per share, with a total value of $52,488.00. Following the transaction, the director now directly owns 26,469 shares of the company’s stock, valued at approximately $6,946,524.36. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 8,241 shares of company stock valued at $271,562. Company insiders own 25.07% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. American International Group Inc. grew its position in shares of Old Line Bancshares by 7.1% during the first quarter. American International Group Inc. now owns 5,153 shares of the bank’s stock worth $147,000 after purchasing an additional 342 shares in the last quarter. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Old Line Bancshares during the first quarter worth about $180,000. Ameriprise Financial Inc. purchased a new stake in shares of Old Line Bancshares during the second quarter worth about $201,000. Nationwide Fund Advisors grew its position in shares of Old Line Bancshares by 40.6% during the first quarter. Nationwide Fund Advisors now owns 7,193 shares of the bank’s stock worth $205,000 after purchasing an additional 2,077 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Old Line Bancshares by 6.9% during the second quarter. The Manufacturers Life Insurance Company now owns 7,950 shares of the bank’s stock worth $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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