Zacks Investment Research Downgrades Old Line Bancshares, Inc. (MD) (NASDAQ:OLBK) to Sell

Zacks Investment Research lowered shares of Old Line Bancshares, Inc. (MD) (NASDAQ:OLBK) from a hold rating to a sell rating in a research note published on Tuesday, 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 commented on the stock. Keefe, Bruyette & Woods raised shares of Old Line Bancshares, Inc. (MD) from a market perform rating to an outperform rating and increased their price objective for the company from $28.00 to $33.00 in a research report on Thursday, July 25th. Janney Montgomery Scott downgraded shares of Old Line Bancshares, Inc. (MD) from a buy rating to a neutral rating in a report on Wednesday, July 24th. Sandler O’Neill raised shares of Old Line Bancshares, Inc. (MD) from a hold rating to a buy rating in a report on Thursday, July 25th. Raymond James downgraded shares of Old Line Bancshares, Inc. (MD) from an outperform rating to a market perform rating in a report on Wednesday, July 24th. Finally, BidaskClub raised shares of Old Line Bancshares, Inc. (MD) from a strong sell rating to a sell rating in a report on Saturday, July 27th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $34.00.

Shares of OLBK stock opened at $26.22 on Tuesday. Old Line Bancshares, Inc. has a one year low of $24.12 and a one year high of $34.87. The company’s 50-day moving average is $26.80 and its 200 day moving average is $26.31. The company has a market capitalization of $450.31 million, a price-to-earnings ratio of 12.15 and a beta of 0.58. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.95 and a current ratio of 0.96.

Old Line Bancshares, Inc. (MD) (NASDAQ:OLBK) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.52 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 for the quarter, compared to analysts’ expectations of $27.45 million. As a group, research analysts predict that Old Line Bancshares, Inc. will post 2.21 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc boosted its holdings in shares of Old Line Bancshares, Inc. (MD) by 17.8% during the 4th quarter. Legal & General Group Plc now owns 2,758 shares of the bank’s stock valued at $73,000 after acquiring an additional 416 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Old Line Bancshares, Inc. (MD) by 0.6% during 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 during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Old Line Bancshares, Inc. (MD) by 3.5% during 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 during the last quarter. Bank of Montreal Can purchased a new stake in shares of Old Line Bancshares, Inc. (MD) during the 2nd quarter valued at about $34,000. Finally, ClariVest Asset Management LLC boosted its holdings in shares of Old Line Bancshares, Inc. (MD) by 5.9% during 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 during the last quarter. 50.58% of the stock is currently owned by hedge funds and other institutional investors.

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.

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