Bridgeway Capital Management LLC Sells 97,491 Shares of Shore Bancshares, Inc. (NASDAQ:SHBI)

Bridgeway Capital Management LLC cut its holdings in Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) by 48.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,992 shares of the bank's stock after selling 97,491 shares during the period. Bridgeway Capital Management LLC owned about 0.32% of Shore Bancshares worth $1,664,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in SHBI. Dimensional Fund Advisors LP increased its stake in Shore Bancshares by 4.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,346,364 shares of the bank's stock valued at $21,340,000 after buying an additional 57,115 shares during the last quarter. American Century Companies Inc. increased its position in shares of Shore Bancshares by 45.7% in the fourth quarter. American Century Companies Inc. now owns 469,182 shares of the bank's stock valued at $7,437,000 after acquiring an additional 147,148 shares during the last quarter. Northern Trust Corp increased its position in shares of Shore Bancshares by 2.3% in the fourth quarter. Northern Trust Corp now owns 278,425 shares of the bank's stock valued at $4,413,000 after acquiring an additional 6,335 shares during the last quarter. Mendon Capital Advisors Corp raised its holdings in Shore Bancshares by 21.6% during the fourth quarter. Mendon Capital Advisors Corp now owns 231,838 shares of the bank's stock worth $3,658,000 after acquiring an additional 41,127 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Shore Bancshares by 59.4% during the fourth quarter. Wellington Management Group LLP now owns 170,444 shares of the bank's stock valued at $2,702,000 after purchasing an additional 63,539 shares during the last quarter. Institutional investors own 59.76% of the company's stock.

Insider Buying and Selling at Shore Bancshares

In other news, Director Konrad Wayson purchased 5,000 shares of Shore Bancshares stock in a transaction that occurred on Friday, May 2nd. The stock was acquired at an average cost of $14.25 per share, for a total transaction of $71,250.00. Following the purchase, the director now directly owns 59,328 shares of the company's stock, valued at $845,424. This trade represents a 9.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 8.69% of the company's stock.

Shore Bancshares Stock Performance

Shares of SHBI traded up $0.07 during midday trading on Thursday, reaching $15.03. The stock had a trading volume of 23,280 shares, compared to its average volume of 125,436. The firm has a market cap of $501.58 million, a PE ratio of 11.30 and a beta of 0.93. The firm has a 50 day simple moving average of $13.36 and a 200-day simple moving average of $15.00. Shore Bancshares, Inc. has a one year low of $10.36 and a one year high of $17.61. 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 (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The bank reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.10. The business had revenue of $53.03 million during the quarter, compared to analysts' expectations of $50.78 million. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. As a group, sell-side analysts anticipate that Shore Bancshares, Inc. will post 1.59 EPS for the current year.

Shore Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 12th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Monday, May 12th. Shore Bancshares's dividend payout ratio is 32.21%.

Analyst Ratings Changes

Separately, Piper Sandler started coverage on Shore Bancshares in a research note on Thursday, February 6th. They set an "overweight" rating and a $20.00 price objective on the stock.

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.