Insider Buying: Shore Bancshares, Inc. (NASDAQ:SHBI) Director Buys 3,000 Shares of Stock

Shore Bancshares, Inc. (NASDAQ:SHBI) Director Konrad Wayson bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average cost of $16.94 per share, for a total transaction of $50,820.00. Following the completion of the acquisition, the director now owns 53,266 shares of the company’s stock, valued at $902,326.04. This trade represents a 5.97 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Shore Bancshares Stock Down 0.9 %

Shares of SHBI opened at $16.48 on Wednesday. The firm has a market cap of $549.23 million, a P/E ratio of 13.26 and a beta of 0.95. Shore Bancshares, Inc. has a 12 month low of $10.06 and a 12 month high of $17.03. The stock’s 50 day moving average is $14.71 and its two-hundred day moving average is $13.20. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.91%. The ex-dividend date is Tuesday, November 12th. Shore Bancshares’s payout ratio is presently 38.40%.

Analysts Set New Price Targets

Separately, Janney Montgomery Scott cut shares of Shore Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, July 30th.

Hedge Funds Weigh In On Shore Bancshares

Large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC acquired a new stake in shares of Shore Bancshares in the second quarter valued at about $147,000. SG Americas Securities LLC purchased a new position in Shore Bancshares in the 3rd quarter valued at about $156,000. Quadrature Capital Ltd acquired a new stake in Shore Bancshares in the 1st quarter worth about $200,000. Rhumbline Advisers increased its stake in Shore Bancshares by 6.5% during the 2nd quarter. Rhumbline Advisers now owns 43,240 shares of the bank’s stock worth $495,000 after buying an additional 2,639 shares in the last quarter. Finally, Creative Planning raised its holdings in shares of Shore Bancshares by 30.6% during the third quarter. Creative Planning now owns 37,674 shares of the bank’s stock valued at $527,000 after acquiring an additional 8,831 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

About Shore Bancshares

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.