Shore Bancshares (NASDAQ:SHBI) Reaches New 12-Month High After Insider Buying Activity

Shore Bancshares, Inc. (NASDAQ:SHBI) shares hit a new 52-week high during trading on Monday after an insider bought additional shares in the company. The company traded as high as $16.94 and last traded at $16.94, with a volume of 1278 shares. The stock had previously closed at $16.55.

Specifically, Director Konrad Wayson bought 3,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were bought at an average price of $16.94 per share, for a total transaction of $50,820.00. Following the completion of the acquisition, the director now directly 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

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

Shore Bancshares Price Performance

The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. The business’s 50-day moving average is $14.71 and its two-hundred day moving average is $13.20. The company has a market capitalization of $549.28 million, a P/E ratio of 13.18 and a beta of 0.95.

Shore Bancshares Dividend Announcement

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

Hedge Funds Weigh In On Shore Bancshares

Institutional investors have recently modified their holdings of the business. AQR Capital Management LLC bought a new stake in Shore Bancshares during the second quarter worth $147,000. SG Americas Securities LLC bought a new stake in shares of Shore Bancshares during the 3rd quarter worth $156,000. Quadrature Capital Ltd purchased a new position in shares of Shore Bancshares in the 1st quarter worth about $200,000. Rhumbline Advisers boosted its holdings in shares of Shore Bancshares by 6.5% in 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 during the last quarter. Finally, Creative Planning grew its position in 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 buying an additional 8,831 shares during the period. 59.76% of the stock is owned by institutional investors.

Shore Bancshares Company Profile

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.