Algert Global LLC Has $4.89 Million Stock Holdings in Shore Bancshares Inc $SHBI

Key Points

• Algert Global dramatically increased its Shore Bancshares stake by 1,736.2% in the second quarter, ending with 213,022 shares valued at approximately $4.89 million. Institutional investors collectively own 59.76% of the company.
• Analysts maintain a generally positive outlook, with Shore Bancshares carrying a “Moderate Buy” consensus rating and an average price target of $26.00, above its reported $23.06 share price.
• The bank exceeded quarterly earnings expectations, reporting $0.60 in EPS versus the $0.50 consensus and $61.75 million in revenue. It also authorized a $30 million share-repurchase plan and declared a quarterly dividend of $0.14 per share.

Algert Global LLC raised its stake in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 1,736.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 213,022 shares of the bank's stock after purchasing an additional 201,421 shares during the quarter. Algert Global LLC owned approximately 0.64% of Shore Bancshares worth $4,889,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Allworth Financial LP bought a new stake in shares of Shore Bancshares in the 2nd quarter valued at about $41,000. EverSource Wealth Advisors LLC bought a new stake in Shore Bancshares in the second quarter valued at approximately $31,000. Geneos Wealth Management Inc. bought a new stake in Shore Bancshares in the fourth quarter valued at approximately $48,000. PNC Financial Services Group Inc. lifted its position in shares of Shore Bancshares by 20.1% in the first quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank's stock valued at $83,000 after buying an additional 743 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Shore Bancshares by 239.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank's stock worth $71,000 after acquiring an additional 3,173 shares during the period. Institutional investors own 59.76% of the company's stock.

Wall Street Analysts Forecast Growth

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

Shore Bancshares Stock Down 0.2%

NASDAQ SHBI opened at $23.06 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. The company has a market cap of $769.51 million, a price-to-earnings ratio of 11.65 and a beta of 0.81. The company has a 50 day moving average of $23.32 and a 200-day moving average of $20.84. Shore Bancshares Inc has a 1-year low of $14.93 and a 1-year high of $24.89.

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, topping 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 firm had revenue of $61.75 million for the quarter, compared to analyst estimates of $60.42 million. On average, equities research analysts expect that Shore Bancshares Inc will post 2.26 earnings per share for the current fiscal year.

Shore Bancshares declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 21st that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Shore Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Wednesday, September 2nd. Shore Bancshares's dividend 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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