Connor Clark & Lunn Investment Management Ltd. bought a new stake in Shore Bancshares Inc (NASDAQ:SHBI – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 209,893 shares of the bank’s stock, valued at approximately $4,817,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.63% of Shore Bancshares at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Shore Bancshares during the second quarter worth about $73,784,000. Vanguard Group Inc. boosted its position in Shore Bancshares by 2.8% during the third quarter. Vanguard Group Inc. now owns 1,781,501 shares of the bank’s stock worth $29,234,000 after acquiring an additional 48,390 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Shore Bancshares by 3.3% in the 1st 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 during the period. Wellington Management Group LLP raised its holdings in Shore Bancshares by 7.9% in the 4th quarter. Wellington Management Group LLP now owns 1,150,208 shares of the bank’s stock valued at $20,336,000 after acquiring an additional 84,298 shares during the last quarter. Finally, Fourthstone LLC raised its holdings in Shore Bancshares by 61.6% in the 4th quarter. Fourthstone LLC now owns 918,202 shares of the bank’s stock valued at $16,234,000 after acquiring an additional 350,012 shares during the last quarter. 59.76% of the stock is currently owned by hedge funds and other institutional investors.
Shore Bancshares Trading Down 0.2%
Shares of SHBI opened at $23.06 on Friday. The stock’s 50-day moving average is $23.32 and its two-hundred day moving average is $20.84. The stock has a market cap of $769.51 million, a PE ratio of 11.65 and a beta of 0.81. Shore Bancshares Inc has a 12 month low of $14.93 and a 12 month high of $24.89. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94.
Shore Bancshares declared that its board has approved a share repurchase program on Thursday, May 21st that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Shore Bancshares Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Wednesday, September 2nd. Shore Bancshares’s dividend payout ratio is currently 28.28%.
Analyst Ratings Changes
Several research firms have recently issued reports on SHBI. Keefe, Bruyette & Woods raised their price objective on Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Shore Bancshares in a research note on Friday, July 17th. Zacks Research downgraded Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Hovde Group raised their price target on Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Finally, Piper Sandler lifted their price target on Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a report on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Shore Bancshares has a consensus rating of “Moderate Buy” and an average price target of $26.00.
Get Our Latest Research Report on SHBI
Shore Bancshares Company 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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