Acadian Asset Management LLC Has $1.42 Million Holdings in Shore Bancshares Inc $SHBI

Key Points

• Acadian Asset Management LLC increased its stake in Shore Bancshares Inc by 55.2% in the first quarter, owning 104,798 shares valued at approximately $1.42 million.
• Shore Bancshares reported better-than-expected quarterly earnings, with an EPS of $0.51, exceeding analyst estimates of $0.41.
• The company declared a quarterly dividend of $0.12 per share, representing an annualized yield of 2.8% and a dividend payout ratio of 29.81%.

Acadian Asset Management LLC raised its holdings in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 55.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,798 shares of the bank's stock after acquiring an additional 37,267 shares during the period. Acadian Asset Management LLC owned approximately 0.31% of Shore Bancshares worth $1,417,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SHBI. Jane Street Group LLC bought a new stake in shares of Shore Bancshares in the 1st quarter worth $545,000. Empowered Funds LLC raised its stake in shares of Shore Bancshares by 126.5% in the 1st quarter. Empowered Funds LLC now owns 78,095 shares of the bank's stock worth $1,057,000 after buying an additional 43,613 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Shore Bancshares by 18.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 219,494 shares of the bank's stock worth $2,972,000 after buying an additional 34,453 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Shore Bancshares in the 1st quarter worth $314,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Shore Bancshares by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,226 shares of the bank's stock worth $247,000 after buying an additional 780 shares in the last quarter. Institutional investors own 59.76% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Activity at Shore Bancshares

In related news, Director Michael Brian Adams bought 10,000 shares of Shore Bancshares stock in a transaction dated Friday, August 1st. The stock was acquired at an average cost of $15.00 per share, with a total value of $150,000.00. Following the completion of the acquisition, the director directly owned 44,912 shares in the company, valued at approximately $673,680. This trade represents a 28.64% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 8.57% of the stock is currently owned by corporate insiders.

Shore Bancshares Trading Down 1.4%

Shares of NASDAQ SHBI traded down $0.24 during mid-day trading on Friday, hitting $17.21. 560,612 shares of the company traded hands, compared to its average volume of 141,241. Shore Bancshares Inc has a 1 year low of $11.47 and a 1 year high of $17.67. The stock has a market capitalization of $575.16 million, a price-to-earnings ratio of 10.69 and a beta of 1.05. 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 business has a 50 day moving average of $16.41 and a two-hundred day moving average of $14.97.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $0.51 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 business had revenue of $56.57 million during the quarter, compared to the consensus estimate of $53.77 million. On average, sell-side analysts anticipate that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

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

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.