Basswood Capital Management L.L.C. purchased a new stake in Shore Bancshares Inc (NASDAQ:SHBI – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 299,231 shares of the bank’s stock, valued at approximately $6,867,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Shore Bancshares during the 2nd quarter worth about $73,784,000. Vanguard Group Inc. increased its position in shares of Shore Bancshares by 2.8% in the third quarter. Vanguard Group Inc. now owns 1,781,501 shares of the bank’s stock valued at $29,234,000 after acquiring an additional 48,390 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Shore Bancshares by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,683,403 shares of the bank’s stock worth $31,445,000 after acquiring an additional 53,381 shares in the last quarter. Wellington Management Group LLP boosted its position in Shore Bancshares by 7.9% during the fourth quarter. Wellington Management Group LLP now owns 1,150,208 shares of the bank’s stock valued at $20,336,000 after purchasing an additional 84,298 shares during the last quarter. Finally, Fourthstone LLC boosted its position in Shore Bancshares by 61.6% during the fourth quarter. Fourthstone LLC now owns 918,202 shares of the bank’s stock valued at $16,234,000 after purchasing an additional 350,012 shares during the last quarter. 59.76% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on SHBI shares. Keefe, Bruyette & Woods upped their price objective on Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Zacks Research downgraded shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Piper Sandler increased their price target on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research note on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Finally, Hovde Group boosted their price objective on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.
Shore Bancshares Price Performance
NASDAQ:SHBI opened at $23.11 on Thursday. Shore Bancshares Inc has a 12-month low of $14.93 and a 12-month high of $24.89. The firm has a market capitalization of $771.18 million, a price-to-earnings ratio of 11.67 and a beta of 0.81. The stock’s 50 day moving average price is $23.30 and its two-hundred day moving average price is $20.82. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14.
Shore Bancshares (NASDAQ:SHBI – Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.50 by $0.10. The company had revenue of $61.75 million during the quarter, compared to the consensus estimate of $60.42 million. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%. On average, analysts anticipate that Shore Bancshares Inc will post 2.26 earnings per share for the current year.
Shore Bancshares Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 2nd. Shore Bancshares’s payout ratio is 28.28%.
Shore Bancshares declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 21st that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors 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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