Rhumbline Advisers raised its stake in Old Line Bancshares, Inc. (NASDAQ:OLBK) by 4.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,939 shares of the bank’s stock after purchasing an additional 415 shares during the quarter. Rhumbline Advisers owned 0.08% of Old Line Bancshares worth $252,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. American International Group Inc. grew its stake in shares of Old Line Bancshares by 7.1% in the 1st quarter. American International Group Inc. now owns 5,153 shares of the bank’s stock valued at $147,000 after purchasing an additional 342 shares during the last quarter. Metropolitan Life Insurance Co. NY purchased a new position in shares of Old Line Bancshares in the 1st quarter valued at approximately $180,000. Nationwide Fund Advisors grew its stake in shares of Old Line Bancshares by 40.6% in the 1st quarter. Nationwide Fund Advisors now owns 7,193 shares of the bank’s stock valued at $205,000 after purchasing an additional 2,077 shares during the last quarter. Menta Capital LLC purchased a new position in shares of Old Line Bancshares in the 1st quarter valued at approximately $236,000. Finally, Oxford Asset Management purchased a new position in shares of Old Line Bancshares in the 1st quarter valued at approximately $303,000. Institutional investors own 41.63% of the company’s stock.
OLBK has been the topic of several analyst reports. Zacks Investment Research downgraded Old Line Bancshares from a “buy” rating to a “sell” rating in a research note on Thursday, July 20th. BidaskClub downgraded Old Line Bancshares from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Finally, Keefe, Bruyette & Woods downgraded 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $29.00.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Thursday, September 14th. Old Line Bancshares’s payout ratio is 22.38%.
In other Old Line Bancshares news, insider James W. Cornelsen acquired 1,813 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The stock was acquired at an average cost of $27.51 per share, with a total value of $49,875.63. Following the acquisition, the insider now directly owns 169,551 shares of the company’s stock, valued at approximately $4,664,348.01. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John M. Suit II acquired 3,350 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The stock was acquired at an average cost of $27.52 per share, with a total value of $92,192.00. Following the completion of the acquisition, the director now directly owns 64,394 shares in the company, valued at $1,772,122.88. The disclosure for this purchase can be found here. Insiders have bought a total of 8,241 shares of company stock worth $271,562 over the last quarter. Insiders own 25.07% 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. The Bank markets its financial services to small to medium sized businesses, entrepreneurs, professionals, consumers and clients.
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