745,516 Shares in Shore Bancshares Inc $SHBI Bought by Jupiter Topco LLC

Key Points

• Jupiter Topco LLC acquired 745,516 Shore Bancshares shares worth approximately $17.1 million, giving it a 2.23% stake. Institutional investors collectively own 59.76% of the bank.
• Analysts remain generally positive, with Shore Bancshares receiving a “Moderate Buy” consensus rating and an average price target of $26, above its reported $23.14 share price.
• The bank exceeded quarterly earnings expectations with $0.60 EPS and $61.75 million in revenue, while also authorizing a $30 million share buyback and declaring a quarterly dividend of $0.14 per share.

Jupiter Topco LLC bought a new stake in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 745,516 shares of the bank's stock, valued at approximately $17,110,000. Jupiter Topco LLC owned 2.23% of Shore Bancshares at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Shore Bancshares during the 2nd quarter worth about $73,784,000. The Manufacturers Life Insurance Company acquired a new position in shares of Shore Bancshares in the 2nd quarter valued at about $20,311,000. Fourthstone LLC boosted its stake in shares of Shore Bancshares by 61.6% in the fourth quarter. Fourthstone LLC now owns 918,202 shares of the bank's stock worth $16,234,000 after buying an additional 350,012 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Shore Bancshares by 578.2% in the first quarter. Janus Henderson Group PLC now owns 380,283 shares of the bank's stock worth $7,104,000 after buying an additional 324,208 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Shore Bancshares by 168.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 495,965 shares of the bank's stock worth $8,769,000 after acquiring an additional 311,266 shares during the period. 59.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on SHBI. Piper Sandler boosted their price target on Shore Bancshares from $24.00 to $26.50 and gave the company an "overweight" rating in a report on Monday, July 27th. Zacks Research cut shares of Shore Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Shore Bancshares in a report on Friday, July 17th. Hovde Group boosted their target price on shares of Shore Bancshares from $23.50 to $26.50 and gave the company an "outperform" rating in a research note on Monday, July 27th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $26.00.

Shore Bancshares Stock Performance

Shares of SHBI stock opened at $23.14 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. Shore Bancshares Inc has a 12-month low of $14.93 and a 12-month high of $24.89. The business's 50 day moving average is $23.34 and its two-hundred day moving average is $20.86. The company has a market capitalization of $772.18 million, a P/E ratio of 11.69 and a beta of 0.81.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.10. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%.The business had revenue of $61.75 million during the quarter, compared to analysts' expectations of $60.42 million. Analysts expect that Shore Bancshares Inc will post 2.26 EPS for the current fiscal year.

Shore Bancshares declared that its board has initiated a stock buyback plan on Thursday, May 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 2nd. Shore Bancshares's payout ratio is presently 28.28%.

Shore Bancshares Company Profile

Shore Bancshares, Inc NASDAQ: SHBI is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank's lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.

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