Zacks Investment Research Downgrades Old Line Bancshares Inc. (OLBK) to Sell

Old Line Bancshares Inc. (NASDAQ:OLBK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

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. “

Old Line Bancshares (NASDAQ:OLBK) opened at 19.91 on Wednesday. The company has a 50-day moving average price of $19.44 and a 200-day moving average price of $18.54. The firm has a market cap of $215.80 million, a P/E ratio of 20.74 and a beta of 0.55. Old Line Bancshares has a 12-month low of $15.85 and a 12-month high of $20.09.

Old Line Bancshares (NASDAQ:OLBK) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by $0.01. Old Line Bancshares had a net margin of 16.40% and a return on equity of 8.24%. On average, analysts predict that Old Line Bancshares will post $1.12 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Wednesday, September 14th. Old Line Bancshares’s dividend payout ratio (DPR) is currently 25.00%.

In related news, Director Thomas H. Graham bought 2,710 shares of Old Line Bancshares stock in a transaction on Wednesday, September 14th. The shares were purchased at an average price of $19.18 per share, for a total transaction of $51,977.80. Following the completion of the acquisition, the director now owns 26,439 shares in the company, valued at $507,100.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 25.81% of the company’s stock.

A number of institutional investors have recently modified their holdings of OLBK. Emerald Acquisition Ltd. acquired a new position in Old Line Bancshares during the second quarter valued at $168,000. Mendon Capital Advisors Corp boosted its position in Old Line Bancshares by 376.0% in the second quarter. Mendon Capital Advisors Corp now owns 229,211 shares of the company’s stock valued at $4,126,000 after buying an additional 181,060 shares during the period. RMB Capital Management LLC boosted its position in Old Line Bancshares by 618.6% in the second quarter. RMB Capital Management LLC now owns 299,966 shares of the company’s stock valued at $5,399,000 after buying an additional 258,223 shares during the period. California State Teachers Retirement System acquired a new position in Old Line Bancshares during the second quarter valued at $316,000. Finally, Bank of New York Mellon Corp acquired a new position in Old Line Bancshares during the second quarter valued at $286,000. Hedge funds and other institutional investors own 46.46% of the company’s stock.

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. It markets its financial services to small to medium sized businesses, entrepreneurs, professionals, consumers and clients.

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