Old Line Bancshares, Inc. (MD) (OLBK) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Old Line Bancshares, Inc. (MD) (NASDAQ:OLBK) from a hold rating to a sell rating in a report issued on Tuesday 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. “

Several other brokerages also recently issued reports on OLBK. Keefe, Bruyette & Woods restated a hold rating and issued a $31.00 price target on shares of Old Line Bancshares, Inc. (MD) in a report on Thursday, October 26th. ValuEngine downgraded Old Line Bancshares, Inc. (MD) from a buy rating to a hold rating in a report on Tuesday, October 31st.

Shares of Old Line Bancshares, Inc. (NASDAQ OLBK) traded up $0.29 during trading on Tuesday, hitting $29.62. The company’s stock had a trading volume of 18,100 shares, compared to its average volume of 20,367. Old Line Bancshares, Inc. has a 12 month low of $24.02 and a 12 month high of $30.94. The company has a market capitalization of $365.67, a P/E ratio of 20.71 and a beta of 0.27. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.19.

The company also recently disclosed a dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th were given a dividend of $0.08 per share. The ex-dividend date was Thursday, December 7th. Old Line Bancshares, Inc. (MD)’s dividend payout ratio is currently 22.38%.

In other news, EVP Joseph E. Burnett sold 3,475 shares of the company’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $30.00, for a total transaction of $104,250.00. Following the completion of the transaction, the executive vice president now directly owns 51,180 shares of the company’s stock, valued at $1,535,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John M. Suit II acquired 1,000 shares of Old Line Bancshares, Inc. (MD) stock in a transaction dated Thursday, November 2nd. The shares were purchased at an average cost of $30.25 per share, with a total value of $30,250.00. Following the completion of the transaction, the director now directly owns 66,844 shares of the company’s stock, valued at $2,022,031. The disclosure for this purchase can be found here. Insiders have bought 11,709 shares of company stock valued at $133,738 over the last ninety days. 25.07% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Old Line Bancshares, Inc. (MD) by 1.5% during the second quarter. Vanguard Group Inc. now owns 323,213 shares of the bank’s stock valued at $9,108,000 after purchasing an additional 4,836 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Old Line Bancshares, Inc. (MD) by 11.9% during the third quarter. Dimensional Fund Advisors LP now owns 178,141 shares of the bank’s stock valued at $4,988,000 after purchasing an additional 18,993 shares during the last quarter. State Street Corp boosted its position in Old Line Bancshares, Inc. (MD) by 28.2% during the second quarter. State Street Corp now owns 165,433 shares of the bank’s stock valued at $4,662,000 after purchasing an additional 36,434 shares during the last quarter. Castine Capital Management LLC acquired a new position in Old Line Bancshares, Inc. (MD) during the third quarter valued at approximately $4,194,000. Finally, Northern Trust Corp boosted its position in Old Line Bancshares, Inc. (MD) by 4.2% during the second quarter. Northern Trust Corp now owns 94,335 shares of the bank’s stock valued at $2,659,000 after purchasing an additional 3,778 shares during the last quarter. 44.25% of the stock is owned by hedge funds and other institutional investors.

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About Old Line Bancshares, Inc. (MD)

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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