Arrowstreet Capital Limited Partnership Has $7.70 Million Holdings in Shore Bancshares Inc $SHBI

Arrowstreet Capital Limited Partnership cut its holdings in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 16.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 412,211 shares of the bank's stock after selling 82,165 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.23% of Shore Bancshares worth $7,700,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC bought a new position in shares of Shore Bancshares during the 2nd quarter valued at about $31,000. Geneos Wealth Management Inc. bought a new stake in Shore Bancshares during the 4th quarter worth approximately $48,000. Tower Research Capital LLC TRC raised its holdings in 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 buying an additional 3,173 shares during the period. State of Alaska Department of Revenue raised its holdings in Shore Bancshares by 207.4% during the 4th quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank's stock worth $72,000 after buying an additional 2,792 shares during the period. Finally, State of Wyoming lifted its stake in Shore Bancshares by 150.6% in the second quarter. State of Wyoming now owns 4,682 shares of the bank's stock valued at $74,000 after buying an additional 2,814 shares in the last quarter. 59.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SHBI shares. 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 report on Tuesday, July 28th. Hovde Group upped their target price on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Zacks Research cut Shore Bancshares from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Piper Sandler lifted their price target on Shore Bancshares from $24.00 to $26.50 and gave the company an "overweight" rating in a research note on Monday, July 27th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Shore Bancshares in a report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $26.00.

Shore Bancshares Price Performance

NASDAQ:SHBI opened at $24.50 on Friday. Shore Bancshares Inc has a 52-week low of $14.93 and a 52-week high of $24.82. The company has a market cap of $819.77 million, a P/E ratio of 12.37 and a beta of 0.82. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.94 and a current ratio of 0.95. The stock's 50-day simple moving average is $22.39 and its 200 day simple moving average is $20.17.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.50 by $0.10. The firm had revenue of $61.84 million during the quarter, compared to analysts' expectations of $60.42 million. Shore Bancshares had a return on equity of 12.24% and a net margin of 19.15%. As a group, sell-side analysts forecast that Shore Bancshares Inc will post 2.26 EPS for the current fiscal year.

Shore Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a $0.14 dividend. This is a boost from Shore Bancshares's previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Wednesday, June 3rd. Shore Bancshares's dividend payout ratio (DPR) is 28.28%.

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

About Shore Bancshares

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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