Knights of Columbus Asset Advisors LLC bought a new stake in shares of Shore Bancshares Inc (NASDAQ:SHBI – Free Report) in the fourth quarter, Holdings Channel reports. The fund bought 105,623 shares of the bank’s stock, valued at approximately $1,867,000.
Several other large investors have also recently made changes to their positions in SHBI. LSV Asset Management grew its stake in shares of Shore Bancshares by 54.5% in the 4th quarter. LSV Asset Management now owns 183,777 shares of the bank’s stock worth $3,249,000 after buying an additional 64,806 shares during the last quarter. Bailard Inc. raised its stake in Shore Bancshares by 6.7% during the fourth quarter. Bailard Inc. now owns 45,725 shares of the bank’s stock valued at $808,000 after buying an additional 2,888 shares during the last quarter. Geneos Wealth Management Inc. bought a new stake in Shore Bancshares in the fourth quarter worth $48,000. CWM LLC boosted its holdings in Shore Bancshares by 4.5% in the fourth quarter. CWM LLC now owns 77,307 shares of the bank’s stock worth $1,367,000 after acquiring an additional 3,346 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its stake in shares of Shore Bancshares by 207.4% in the fourth quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank’s stock worth $72,000 after acquiring an additional 2,792 shares during the last quarter. 59.76% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on SHBI shares. Piper Sandler raised their price target on Shore Bancshares from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, May 4th. Weiss Ratings raised shares of Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 6th. Hovde Group raised their price objective on shares of Shore Bancshares from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $20.00 target price on shares of Shore Bancshares in a report on Thursday, April 9th. Finally, Zacks Research upgraded shares of Shore Bancshares from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $21.33.
Shore Bancshares Stock Up 1.2%
SHBI stock opened at $20.64 on Friday. The stock has a market capitalization of $690.61 million, a P/E ratio of 10.98 and a beta of 0.83. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.95 and a quick ratio of 0.94. Shore Bancshares Inc has a 1-year low of $14.25 and a 1-year high of $20.69. The business has a fifty day moving average price of $19.23 and a 200-day moving average price of $18.56.
Shore Bancshares (NASDAQ:SHBI – Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.45 by $0.10. Shore Bancshares had a return on equity of 11.84% and a net margin of 18.20%.The company had revenue of $59.89 million for the quarter, compared to analysts’ expectations of $58.35 million. Equities analysts forecast that Shore Bancshares Inc will post 2.12 earnings per share for the current fiscal year.
Shore Bancshares Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, June 3rd. This is a boost from Shore Bancshares’s previous quarterly dividend of $0.12. Shore Bancshares’s payout ratio is 25.53%.
Shore Bancshares declared that its Board of Directors has authorized a share buyback plan on Thursday, May 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 4.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
Shore Bancshares Profile
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.
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