Old Line Bancshares, Inc. (OLBK) Expected to Post Quarterly Sales of $19.80 Million
Wall Street analysts forecast that Old Line Bancshares, Inc. (NASDAQ:OLBK) will post sales of $19.80 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Old Line Bancshares’ earnings. The highest sales estimate is $20.31 million and the lowest is $19.28 million. Old Line Bancshares posted sales of $15.48 million in the same quarter last year, which suggests a positive year over year growth rate of 27.9%. The company is scheduled to issue its next quarterly earnings results on Thursday, October 19th.
On average, analysts expect that Old Line Bancshares will report full-year sales of $19.80 million for the current year, with estimates ranging from $72.15 million to $73.60 million. For the next year, analysts expect that the company will post sales of $89.16 million per share, with estimates ranging from $87.91 million to $90.40 million. Zacks’ sales averages are an average based on a survey of analysts that follow Old Line Bancshares.
Several research firms have issued reports on OLBK. Keefe, Bruyette & Woods cut shares of Old Line Bancshares from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $31.00 to $29.00 in a research note on Monday, July 17th. ValuEngine upgraded shares of Old Line Bancshares from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research lowered shares of Old Line Bancshares from a “buy” rating to a “sell” rating in a research report on Thursday, July 20th. Finally, BidaskClub lowered shares of Old Line Bancshares from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $26.00.
In other news, Director Stephen J. Deadrick bought 1,800 shares of Old Line Bancshares stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average cost of $26.22 per share, with a total value of $47,196.00. Following the acquisition, the director now owns 24,472 shares of the company’s stock, valued at approximately $641,655.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James W. Cornelsen bought 1,813 shares of Old Line Bancshares 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 completion of the acquisition, the insider now directly owns 169,551 shares in the company, valued at approximately $4,664,348.01. The disclosure for this purchase can be found here. Insiders 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 institutional investors and hedge funds have recently made changes to their positions in the business. Stifel Financial Corp grew its holdings in Old Line Bancshares by 0.9% during the 2nd quarter. Stifel Financial Corp now owns 32,748 shares of the bank’s stock valued at $924,000 after buying an additional 283 shares in the last quarter. American International Group Inc. grew its holdings in Old Line Bancshares by 7.1% during the 1st quarter. American International Group Inc. now owns 5,153 shares of the bank’s stock valued at $147,000 after buying an additional 342 shares in the last quarter. Rhumbline Advisers grew its holdings in Old Line Bancshares by 4.9% during the 2nd quarter. Rhumbline Advisers now owns 8,939 shares of the bank’s stock valued at $252,000 after buying an additional 415 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Old Line Bancshares by 6.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,950 shares of the bank’s stock valued at $224,000 after buying an additional 516 shares in the last quarter. Finally, Teachers Advisors LLC grew its holdings in Old Line Bancshares by 4.9% during the 2nd quarter. Teachers Advisors LLC now owns 15,469 shares of the bank’s stock valued at $436,000 after buying an additional 726 shares in the last quarter. 41.63% of the stock is owned by institutional investors and hedge funds.
Old Line Bancshares (NASDAQ OLBK) traded down 0.11% during mid-day trading on Wednesday, reaching $27.18. 16,180 shares of the company were exchanged. Old Line Bancshares has a one year low of $18.91 and a one year high of $29.90. The company has a market capitalization of $338.42 million, a PE ratio of 19.01 and a beta of 0.25. The stock has a 50-day moving average price of $27.22 and a 200 day moving average price of $27.82.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.18%. The ex-dividend date is Thursday, September 14th. Old Line Bancshares’s dividend payout ratio is 22.38%.
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About Old Line Bancshares
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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