15,700 Shares in Shore Bancshares Inc $SHBI Purchased by Strs Ohio

Key Points

• Strs Ohio purchased 15,700 shares of Shore Bancshares Inc for approximately $213,000, marking the company's new position in the bank's stock as per recent SEC filings.
• Director Michael Brian Adams acquired 10,000 shares at $15.00 each, increasing his holdings by 28.64%, and representing a total value of $673,680.
• Shore Bancshares reported an earnings per share (EPS) of $0.51 for the last quarter, exceeding analyst expectations, with forecasts predicting EPS of $1.59 for the current fiscal year.

Strs Ohio bought a new position in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 15,700 shares of the bank's stock, valued at approximately $213,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in SHBI. Bank of America Corp DE raised its holdings in shares of Shore Bancshares by 18.8% in the 4th quarter. Bank of America Corp DE now owns 47,663 shares of the bank's stock worth $755,000 after acquiring an additional 7,541 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Shore Bancshares by 29.6% in the 4th quarter. Deutsche Bank AG now owns 30,302 shares of the bank's stock worth $480,000 after acquiring an additional 6,929 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Shore Bancshares by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock valued at $277,000 after buying an additional 609 shares during the last quarter. Millennium Management LLC purchased a new stake in Shore Bancshares in the 4th quarter valued at about $802,000. Finally, Nuveen Asset Management LLC increased its stake in Shore Bancshares by 67.8% in the 4th quarter. Nuveen Asset Management LLC now owns 116,031 shares of the bank's stock valued at $1,839,000 after buying an additional 46,890 shares during the last quarter. Institutional investors and hedge funds own 59.76% of the company's stock.

Insider Transactions at Shore Bancshares

In other news, Director Michael Brian Adams bought 10,000 shares of the stock in a transaction on Friday, August 1st. The shares were acquired at an average cost of $15.00 per share, for a total transaction of $150,000.00. Following the purchase, the director directly owned 44,912 shares of the company's stock, valued at $673,680. This trade represents a 28.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.69% of the stock is owned by corporate insiders.

Shore Bancshares Stock Performance

NASDAQ SHBI opened at $16.98 on Thursday. Shore Bancshares Inc has a 1 year low of $11.47 and a 1 year high of $17.67. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $567.47 million, a PE ratio of 10.55 and a beta of 1.05. The company's 50 day simple moving average is $16.45 and its two-hundred day simple moving average is $15.02.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.10. Shore Bancshares had a net margin of 15.98% and a return on equity of 10.98%. The business had revenue of $56.57 million for the quarter, compared to analysts' expectations of $53.77 million. Analysts predict that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were paid a $0.12 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.48 annualized dividend and a yield of 2.8%. Shore Bancshares's dividend payout ratio is currently 29.81%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Shore Bancshares from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $20.00.

Shore Bancshares 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.

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