Shore Bancshares, Inc. (NASDAQ:SHBI) Director Michael Brian Adams Purchases 965 Shares of Stock

Shore Bancshares, Inc. (NASDAQ:SHBI) Director Michael Brian Adams purchased 965 shares of the stock in a transaction on Tuesday, February 4th. The stock was acquired at an average cost of $15.92 per share, for a total transaction of $15,362.80. Following the completion of the acquisition, the director now owns 9,126 shares of the company’s stock, valued at $145,285.92. The trade was a 11.82 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Shore Bancshares Trading Up 2.1 %

SHBI stock opened at $16.60 on Friday. The company’s 50-day simple moving average is $16.04 and its 200-day simple moving average is $14.92. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. Shore Bancshares, Inc. has a 52-week low of $10.06 and a 52-week high of $17.61. The firm has a market cap of $553.28 million, a P/E ratio of 12.48 and a beta of 0.97.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.09. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. As a group, equities analysts forecast that Shore Bancshares, Inc. will post 1.46 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Thursday, February 13th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Thursday, February 13th. Shore Bancshares’s dividend payout ratio is presently 36.09%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler assumed coverage on shares of Shore Bancshares in a report on Thursday. They issued an “overweight” rating and a $20.00 price target on the stock. Keefe, Bruyette & Woods raised 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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC acquired a new stake in Shore Bancshares in the 2nd quarter valued at about $147,000. SG Americas Securities LLC acquired a new stake in Shore Bancshares in the 3rd quarter valued at about $156,000. Creative Planning raised its holdings in Shore Bancshares by 30.6% in the 3rd 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. Assenagon Asset Management S.A. raised its holdings in Shore Bancshares by 9.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 48,706 shares of the bank’s stock valued at $681,000 after acquiring an additional 4,312 shares during the last quarter. Finally, Curi RMB Capital LLC raised its holdings in Shore Bancshares by 13.8% in the 3rd quarter. Curi RMB Capital LLC now owns 175,164 shares of the bank’s stock valued at $2,451,000 after acquiring an additional 21,191 shares during the last quarter. 59.76% of the stock is owned by hedge funds and other 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.