Nuveen LLC Makes New $3.72 Million Investment 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 acquired a new stake in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 274,472 shares of the bank's stock, valued at approximately $3,716,000. Nuveen LLC owned about 0.82% of Shore Bancshares at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SHBI. Wells Fargo & Company MN increased its position in Shore Bancshares by 29.0% in the fourth 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 last quarter. Invesco Ltd. boosted its stake in shares of Shore Bancshares by 9.1% during the fourth quarter. Invesco Ltd. now owns 50,622 shares of the bank's stock valued at $802,000 after purchasing an additional 4,230 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Shore Bancshares in the fourth quarter valued at about $279,000. Barclays PLC raised its holdings in shares of Shore Bancshares by 7.2% in the fourth quarter. Barclays PLC now owns 91,087 shares of the bank's stock valued at $1,443,000 after acquiring an additional 6,145 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Shore Bancshares by 4.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,346,364 shares of the bank's stock valued at $21,340,000 after acquiring an additional 57,115 shares in the last quarter. Institutional investors own 59.76% of the company's stock.

Shore Bancshares Stock Down 1.0%

Shares of SHBI traded down $0.17 during mid-day trading on Tuesday, hitting $17.02. 165,615 shares of the company traded hands, compared to its average volume of 110,399. Shore Bancshares Inc has a 1-year low of $11.47 and a 1-year high of $17.61. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $568.81 million, a PE ratio of 10.57 and a beta of 1.05. The business has a 50 day moving average of $16.20 and a 200 day moving average of $14.81.

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

Shore Bancshares Dividend Announcement

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

Insider Buying and Selling

In other news, Director Michael Brian Adams bought 10,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average price of $15.00 per share, for a total transaction 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 8.57% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Shore Bancshares from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Shore Bancshares 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.