Bridgeway Capital Management LLC Cuts Stake in Shore Bancshares, Inc. (NASDAQ:SHBI)

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

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SHBI. Russell Investments Group Ltd. increased its holdings in shares of Shore Bancshares by 43,326.3% in the fourth quarter. Russell Investments Group Ltd. now owns 8,251 shares of the bank's stock worth $131,000 after purchasing an additional 8,232 shares during the last quarter. Jump Financial LLC bought a new stake in Shore Bancshares in the 4th quarter worth approximately $201,000. SG Americas Securities LLC raised its holdings in shares of Shore Bancshares by 24.5% during the 4th quarter. SG Americas Securities LLC now owns 13,871 shares of the bank's stock worth $220,000 after acquiring an additional 2,734 shares in the last quarter. LPL Financial LLC purchased a new stake in shares of Shore Bancshares during the 4th quarter worth approximately $270,000. Finally, Raymond James Financial Inc. bought a new position in shares of Shore Bancshares during the 4th quarter valued at approximately $279,000. Institutional investors own 59.76% of the company's stock.

Insider Buying and Selling

In other Shore Bancshares news, Director Konrad Wayson bought 5,000 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were purchased at an average price of $14.25 per share, with a total value of $71,250.00. Following the completion of the purchase, the director now owns 59,328 shares in the company, valued at $845,424. This represents a 9.20% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 8.69% of the stock is currently owned by corporate insiders.

Shore Bancshares Trading Up 2.8%

Shares of NASDAQ:SHBI traded up $0.41 during trading on Monday, hitting $14.96. The company had a trading volume of 150,346 shares, compared to its average volume of 125,769. The stock has a market cap of $499.28 million, a price-to-earnings ratio of 11.25 and a beta of 0.93. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93. The company has a fifty day simple moving average of $13.32 and a two-hundred 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.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.35 by $0.10. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. The company had revenue of $53.03 million during the quarter, compared to analyst estimates of $50.78 million. As a group, equities analysts forecast that Shore Bancshares, Inc. will post 1.59 earnings per share for the current year.

Shore Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 12th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, May 12th. This represents a $0.48 annualized dividend and a yield of 3.21%. Shore Bancshares's payout ratio is 32.21%.

Analyst Ratings Changes

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

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.