Acadian Asset Management LLC Acquires 37,267 Shares of 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 boosted its holdings in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 55.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 104,798 shares of the bank's stock after buying an additional 37,267 shares during the quarter. Acadian Asset Management LLC owned approximately 0.31% of Shore Bancshares worth $1,417,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Investment Management Corp VA ADV acquired a new stake in shares of Shore Bancshares during the fourth quarter valued at about $38,000. AlphaQuest LLC acquired a new stake in shares of Shore Bancshares during the first quarter valued at about $145,000. Stoneridge Investment Partners LLC bought a new position in shares of Shore Bancshares during the first quarter worth about $158,000. Russell Investments Group Ltd. raised its position in shares of Shore Bancshares by 52.6% during the first quarter. Russell Investments Group Ltd. now owns 12,590 shares of the bank's stock worth $170,000 after acquiring an additional 4,339 shares during the last quarter. Finally, Bailard Inc. bought a new position in shares of Shore Bancshares during the first quarter worth about $210,000. 59.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Shore Bancshares Stock Down 1.4%

Shore Bancshares stock traded down $0.24 during trading on Friday, hitting $17.21. 560,612 shares of the company were exchanged, compared to its average volume of 169,524. The business's 50 day moving average is $16.40 and its 200 day moving average is $14.94. Shore Bancshares Inc has a 52 week low of $11.47 and a 52 week high of $17.67. The company has a market capitalization of $575.16 million, a P/E ratio of 10.69 and a beta of 1.05. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, topping 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 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 year.

Shore Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend 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 29.81%.

Insider Transactions at Shore Bancshares

In other Shore Bancshares news, Director Michael Brian Adams purchased 10,000 shares of the stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $15.00 per share, with a total value of $150,000.00. Following the acquisition, the director directly owned 44,912 shares in the company, valued at approximately $673,680. The trade was a 28.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.69% of the company's stock.

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.