Nuveen LLC Purchases New Shares in Shore Bancshares Inc $SHBI

Key Points

• Nuveen LLC acquired 274,472 shares of Shore Bancshares Inc, totaling approximately $3.7 million, which represents about 0.82% of the company as of the latest SEC filing.
• Shore Bancshares was recently upgraded to a "buy" rating by Wall Street Zen, with a consensus target price set at $20.00 per share.
• The company reported an EPS of $0.51 for the last quarter, surpassing estimates, and declared a quarterly dividend of $0.12 per share with a 2.8% yield.

Nuveen LLC purchased a new position in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 274,472 shares of the bank's stock, valued at approximately $3,716,000. Nuveen LLC owned 0.82% of Shore Bancshares at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Shore Bancshares by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock worth $277,000 after buying an additional 609 shares during the period. CWM LLC increased its position in shares of Shore Bancshares by 1.4% during the first quarter. CWM LLC now owns 59,878 shares of the bank's stock worth $811,000 after acquiring an additional 843 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in shares of Shore Bancshares during the fourth quarter worth $38,000. Invesco Ltd. lifted its position in Shore Bancshares by 9.1% in the 4th quarter. Invesco Ltd. now owns 50,622 shares of the bank's stock valued at $802,000 after acquiring an additional 4,230 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Shore Bancshares by 29.0% in the 4th quarter. Wells Fargo & Company MN now owns 19,253 shares of the bank's stock worth $305,000 after purchasing an additional 4,329 shares during the period. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Shore Bancshares news, Director Michael Brian Adams acquired 10,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $15.00 per share, with a total value of $150,000.00. Following the completion of the transaction, the director directly owned 44,912 shares in the company, valued at approximately $673,680. This represents a 28.64% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 8.69% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Shore Bancshares from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $20.00.

Shore Bancshares Stock Performance

NASDAQ:SHBI traded up $0.08 during mid-day trading on Friday, hitting $17.19. The stock had a trading volume of 146,016 shares, compared to its average volume of 121,040. Shore Bancshares Inc has a twelve month low of $11.47 and a twelve month high of $17.61. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market cap of $574.49 million, a price-to-earnings ratio of 10.68 and a beta of 1.04. The company's 50 day simple moving average is $16.12 and its 200 day simple moving average is $14.80.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The bank reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.10. Shore Bancshares had a return on equity of 10.98% and a net margin of 15.98%.The firm had revenue of $56.57 million for the quarter, compared to analyst estimates of $53.77 million. On average, equities research analysts forecast that Shore Bancshares Inc will post 1.59 earnings per share for the current year.

Shore Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, August 11th. Shore Bancshares's dividend payout ratio (DPR) is presently 29.81%.

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.