Sandy Spring Bank Sells 10,034 Shares of Shore Bancshares, Inc. (NASDAQ:SHBI)

Sandy Spring Bank cut its holdings in Shore Bancshares, Inc. (NASDAQ:SHBI) by 1.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 573,502 shares of the bank’s stock after selling 10,034 shares during the period. Sandy Spring Bank owned 1.72% of Shore Bancshares worth $9,090,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC boosted its holdings in Shore Bancshares by 24.5% in the 4th quarter. SG Americas Securities LLC now owns 13,871 shares of the bank’s stock worth $220,000 after buying an additional 2,734 shares during the period. Raymond James Financial Inc. bought a new position in Shore Bancshares in the 4th quarter worth approximately $279,000. JPMorgan Chase & Co. lifted its stake in Shore Bancshares by 61.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 21,078 shares of the bank’s stock worth $295,000 after purchasing an additional 7,994 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Shore Bancshares by 10.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 21,741 shares of the bank’s stock worth $345,000 after purchasing an additional 1,984 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in Shore Bancshares in the 4th quarter worth approximately $392,000. 59.76% of the stock is owned by institutional investors.

Shore Bancshares Stock Performance

Shore Bancshares stock opened at $13.94 on Thursday. The firm’s fifty day moving average price is $15.27 and its 200-day moving average price is $15.21. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a market cap of $464.93 million, a P/E ratio of 10.48 and a beta of 1.01. Shore Bancshares, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $17.61.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings data on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.09. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. On average, equities research analysts expect that Shore Bancshares, Inc. will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend was Thursday, February 13th. Shore Bancshares’s dividend payout ratio (DPR) is currently 36.09%.

Analyst Ratings Changes

Several analysts have issued reports on SHBI shares. Piper Sandler started coverage on shares of Shore Bancshares in a research note on Thursday, February 6th. They issued an “overweight” rating and a $20.00 target price on the stock. Keefe, Bruyette & Woods upgraded shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $16.00 to $20.00 in a research note on Wednesday, December 4th.

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.