Old Line Bancshares, Inc. (MD) (NASDAQ:OLBK) Stock Rating Lowered by 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 Friday morning, Zacks.com reports.

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 analysts also recently issued reports on the company. Janney Montgomery Scott downgraded Old Line Bancshares, Inc. (MD) from a buy rating to a neutral rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods raised Old Line Bancshares, Inc. (MD) from a market perform rating to an outperform rating and lifted their price target for the company from $28.00 to $33.00 in a research note on Thursday, July 25th. Sandler O’Neill raised Old Line Bancshares, Inc. (MD) from a hold rating to a buy rating in a research note on Thursday, July 25th. ValuEngine raised Old Line Bancshares, Inc. (MD) from a sell rating to a hold rating in a research note on Friday, July 26th. Finally, Raymond James downgraded Old Line Bancshares, Inc. (MD) from an outperform rating to a market perform rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $34.00.

OLBK opened at $29.13 on Friday. The business’s 50-day moving average price is $27.06 and its two-hundred day moving average price is $26.27. Old Line Bancshares, Inc. has a 1 year low of $24.12 and a 1 year high of $34.29. The company has a market capitalization of $495.18 million, a price-to-earnings ratio of 13.30 and a beta of 0.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.96 and a quick ratio of 0.95.

Old Line Bancshares, Inc. (MD) (NASDAQ:OLBK) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.52 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.01). Old Line Bancshares, Inc. (MD) had a net margin of 26.08% and a return on equity of 9.95%. The firm had revenue of $26.73 million during the quarter, compared to analyst estimates of $27.45 million. Sell-side analysts anticipate that Old Line Bancshares, Inc. will post 2.2 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, September 12th. Old Line Bancshares, Inc. (MD)’s payout ratio is 21.92%.

In other news, Director Eric D. Hovde sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $28.57, for a total value of $357,125.00. Following the completion of the transaction, the director now owns 870 shares in the company, valued at approximately $24,855.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.36% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN grew its holdings in shares of Old Line Bancshares, Inc. (MD) by 0.6% in the 2nd quarter. Wells Fargo & Company MN now owns 96,498 shares of the bank’s stock valued at $2,567,000 after acquiring an additional 602 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Old Line Bancshares, Inc. (MD) by 3.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 36,688 shares of the bank’s stock valued at $977,000 after acquiring an additional 1,230 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Old Line Bancshares, Inc. (MD) in the 2nd quarter valued at about $34,000. ClariVest Asset Management LLC grew its holdings in shares of Old Line Bancshares, Inc. (MD) by 5.9% in the 1st quarter. ClariVest Asset Management LLC now owns 25,100 shares of the bank’s stock valued at $626,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Aperio Group LLC bought a new position in shares of Old Line Bancshares, Inc. (MD) in the 2nd quarter valued at about $55,000. Institutional investors own 51.21% of the company’s stock.

About Old Line Bancshares, Inc. (MD)

Old Line Bancshares, Inc operates as the bank holding company for Old Line Bank that provides banking products and services to small and medium size businesses, entrepreneurs, professionals, consumers, and high net worth clients. The company accepts a range of deposit products, including demand, NOW, money market, and savings accounts, as well as certificates of deposit.

See Also: Fundamental Analysis

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