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.
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 equities analysts also recently issued reports about the stock. ValuEngine raised shares of Old Line Bancshares from a hold rating to a buy rating in a report on Friday, June 2nd. Keefe, Bruyette & Woods downgraded shares of Old Line Bancshares from an outperform rating to a market perform rating and cut their price target for the company from $31.00 to $29.00 in a report on Monday, July 17th. Finally, BidaskClub downgraded shares of Old Line Bancshares from a sell rating to a strong sell rating in a report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Old Line Bancshares currently has a consensus rating of Hold and a consensus target price of $26.00.
Shares of Old Line Bancshares (NASDAQ:OLBK) traded up 1.15% during midday trading on Thursday, hitting $27.31. 74,921 shares of the company’s stock traded hands. The company has a 50 day moving average price of $27.13 and a 200 day moving average price of $27.74. Old Line Bancshares has a 1-year low of $18.91 and a 1-year high of $29.90. The firm has a market capitalization of $340.04 million, a price-to-earnings ratio of 19.10 and a beta of 0.25.
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The company 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 dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.17%. The ex-dividend date is Thursday, September 14th. Old Line Bancshares’s dividend payout ratio is currently 22.38%.
In other news, insider James W. Cornelsen purchased 1,813 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The stock was purchased at an average cost of $27.51 per share, with a total value of $49,875.63. Following the acquisition, the insider now directly owns 169,551 shares of the company’s stock, valued at approximately $4,664,348.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John M. Suit II purchased 3,350 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The shares were purchased at an average cost of $27.52 per share, with a total value of $92,192.00. Following the completion of the acquisition, the director now directly owns 64,394 shares in the company, valued at $1,772,122.88. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,241 shares of company stock valued at $271,562 over the last three months. 25.07% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in OLBK. Vanguard Group Inc. raised its stake in shares of Old Line Bancshares by 1.5% in the second quarter. Vanguard Group Inc. now owns 323,213 shares of the bank’s stock worth $9,108,000 after acquiring an additional 4,836 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in shares of Old Line Bancshares by 133.0% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 203,594 shares of the bank’s stock worth $5,737,000 after acquiring an additional 116,206 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Old Line Bancshares by 13.1% in the first quarter. Renaissance Technologies LLC now owns 175,700 shares of the bank’s stock worth $5,004,000 after acquiring an additional 20,400 shares during the last quarter. State Street Corp raised its stake in shares of Old Line Bancshares by 28.2% in the second quarter. State Street Corp now owns 165,433 shares of the bank’s stock worth $4,662,000 after acquiring an additional 36,434 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Old Line Bancshares by 12.8% in the second quarter. Dimensional Fund Advisors LP now owns 159,148 shares of the bank’s stock worth $4,485,000 after acquiring an additional 18,110 shares during the last quarter. 41.63% of the stock is owned by hedge funds and other 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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