Cubist Systematic Strategies LLC Raises Stock Holdings in Shore Bancshares, Inc. (NASDAQ:SHBI)

Cubist Systematic Strategies LLC lifted its stake in Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) by 80.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,396 shares of the bank's stock after buying an additional 17,948 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.12% of Shore Bancshares worth $640,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hillsdale Investment Management Inc. purchased a new stake in Shore Bancshares during the fourth quarter worth about $2,645,000. American Century Companies Inc. grew its stake in Shore Bancshares by 45.7% during the fourth quarter. American Century Companies Inc. now owns 469,182 shares of the bank's stock worth $7,437,000 after buying an additional 147,148 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Shore Bancshares in the 4th quarter worth approximately $1,479,000. JPMorgan Chase & Co. boosted its holdings in Shore Bancshares by 394.2% in the fourth quarter. JPMorgan Chase & Co. now owns 104,174 shares of the bank's stock valued at $1,651,000 after purchasing an additional 83,096 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Shore Bancshares by 152.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 137,599 shares of the bank's stock worth $2,181,000 after buying an additional 83,079 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Shore Bancshares Price Performance

Shares of Shore Bancshares stock traded down $0.20 during midday trading on Wednesday, hitting $14.80. 5,340 shares of the company were exchanged, compared to its average volume of 126,052. 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 firm has a market cap of $493.94 million, a P/E ratio of 11.15 and a beta of 0.93. The firm has a 50 day simple moving average of $13.49 and a 200-day simple moving average of $15.02. Shore Bancshares, Inc. has a 52 week low of $10.36 and a 52 week high of $17.61.

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

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 12th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, May 12th. This represents a $0.48 annualized dividend and a dividend yield of 3.24%. Shore Bancshares's dividend payout ratio (DPR) is presently 32.21%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Separately, Piper Sandler started coverage on Shore Bancshares in a report on Thursday, February 6th. They issued an "overweight" rating and a $20.00 price objective for the company.

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.