Connor Clark & Lunn Investment Management Ltd. Buys 35,686 Shares of Shore Bancshares Inc (NASDAQ:SHBI)

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Shore Bancshares Inc (NASDAQ:SHBI) by 25.9% in the first quarter, Holdings Channel.com reports. The fund owned 173,285 shares of the bank’s stock after purchasing an additional 35,686 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Shore Bancshares were worth $2,346,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. CWM LLC increased its stake in Shore Bancshares by 1.4% in the 1st quarter. CWM LLC now owns 59,878 shares of the bank’s stock worth $811,000 after buying an additional 843 shares during the period. GAMMA Investing LLC increased its stake in shares of Shore Bancshares by 1,073.1% in the first quarter. GAMMA Investing LLC now owns 18,875 shares of the bank’s stock worth $256,000 after acquiring an additional 17,266 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of Shore Bancshares by 67.8% during the 4th quarter. Nuveen Asset Management LLC now owns 116,031 shares of the bank’s stock valued at $1,839,000 after purchasing an additional 46,890 shares in the last quarter. Millennium Management LLC acquired a new stake in Shore Bancshares in the 4th quarter valued at $802,000. Finally, Man Group plc acquired a new stake in Shore Bancshares in the 4th quarter valued at $541,000. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Performance

Shares of SHBI opened at $16.06 on Friday. The stock has a 50 day moving average price of $15.75 and a 200 day moving average price of $14.79. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $536.73 million, a price-to-earnings ratio of 9.98 and a beta of 1.04. Shore Bancshares Inc has a 52-week low of $11.47 and a 52-week high of $17.61.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 EPS for the quarter, topping the consensus estimate of $0.41 by $0.10. Shore Bancshares had a return on equity of 10.98% and a net margin of 15.98%. The business had revenue of $56.57 million during the quarter, compared to analysts’ expectations of $53.77 million. Research analysts predict that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be given a $0.12 dividend. The ex-dividend date is Monday, August 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.0%. Shore Bancshares’s dividend payout ratio (DPR) is currently 29.81%.

Insider Buying and Selling at Shore Bancshares

In related news, Director Michael Brian Adams acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $15.00 per share, with a total value of $150,000.00. Following the completion of the purchase, the director directly owned 44,912 shares in the company, valued at approximately $673,680. The trade was a 28.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 11,250 shares of company stock valued at $168,218 in the last three months. Company insiders own 8.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Shore Bancshares from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th.

Shore Bancshares Company Profile

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank, N.A. that provides various commercial and consumer banking products and services to individuals, businesses, and other organizations. It offers checking, savings, overnight investment sweep, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.