Tred Avon Family Wealth LLC Takes Position in Shore Bancshares Inc $SHBI

Tred Avon Family Wealth LLC acquired a new position in shares of Shore Bancshares Inc (NASDAQ:SHBI) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 62,576 shares of the bank’s stock, valued at approximately $1,027,000. Tred Avon Family Wealth LLC owned 0.19% of Shore Bancshares as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in Shore Bancshares by 18.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 219,494 shares of the bank’s stock valued at $2,972,000 after buying an additional 34,453 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Shore Bancshares during the third quarter valued at $955,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Shore Bancshares in the 2nd quarter valued at $8,622,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Shore Bancshares by 33.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 438,780 shares of the bank’s stock worth $6,898,000 after purchasing an additional 109,903 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Shore Bancshares during the 1st quarter worth about $213,000. Institutional investors and hedge funds own 59.76% of the company’s stock.

Shore Bancshares Price Performance

Shares of SHBI stock opened at $18.26 on Friday. The firm has a market cap of $610.38 million, a price-to-earnings ratio of 10.74 and a beta of 0.94. Shore Bancshares Inc has a 12 month low of $11.47 and a 12 month high of $19.22. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $17.57 and a 200 day moving average price of $16.75.

Shore Bancshares (NASDAQ:SHBI) last issued its earnings results on Thursday, October 23rd. The bank reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.03. The company had revenue of $56.36 million for the quarter, compared to analyst estimates of $55.70 million. Shore Bancshares had a net margin of 16.78% and a return on equity of 11.25%. Research analysts expect that Shore Bancshares Inc will post 1.59 EPS for the current year.

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th were given a dividend of $0.12 per share. The ex-dividend date was Thursday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. Shore Bancshares’s payout ratio is presently 28.24%.

Insider Buying and Selling at Shore Bancshares

In related news, EVP Aaron Michael Kaslow purchased 6,500 shares of Shore Bancshares stock in a transaction dated Tuesday, November 18th. The shares were acquired at an average cost of $15.56 per share, for a total transaction of $101,140.00. Following the transaction, the executive vice president directly owned 6,500 shares of the company’s stock, valued at approximately $101,140. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders acquired 7,700 shares of company stock valued at $121,994. Corporate insiders own 8.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SHBI shares. Piper Sandler upped their price objective on shares of Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Shore Bancshares in a research report on Wednesday, October 8th. Zacks Research downgraded Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 26th. Hovde Group assumed coverage on Shore Bancshares in a report on Wednesday, November 19th. They set an “outperform” rating and a $19.00 target price on the stock. Finally, Wall Street Zen lowered Shore Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.75.

About Shore Bancshares

Shore Bancshares, Inc (NASDAQ: SHBI) is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank’s lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.