Bank of America Corp DE Buys 55,403 Shares of Shore Bancshares Inc $SHBI

Key Points

• Bank of America acquired 55,403 Shore Bancshares shares worth approximately $1.27 million during the second quarter, taking a roughly 0.17% stake. Institutional investors collectively own 59.76% of the bank.
• Shore Bancshares reported quarterly EPS of $0.60, exceeding the $0.50 consensus estimate, while revenue reached $61.75 million. The company also pays a quarterly dividend of $0.14, representing a 2.5% annualized yield.
• Analyst sentiment remains positive, with an average rating of “Moderate Buy” and an average price target of $25.75, compared with the stock’s reported price of $22.70.

Bank of America Corp DE bought a new position in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 55,403 shares of the bank's stock, valued at approximately $1,271,000. Bank of America Corp DE owned about 0.17% of Shore Bancshares as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the company. Basswood Capital Management L.L.C. acquired a new stake in Shore Bancshares in the 2nd quarter valued at about $6,867,000. Jupiter Topco LLC acquired a new position in Shore Bancshares during the 2nd quarter valued at about $17,110,000. Legal & General Group Plc bought a new position in shares of Shore Bancshares in the 2nd quarter valued at about $70,000. The Manufacturers Life Insurance Company bought a new position in shares of Shore Bancshares in the 2nd quarter valued at about $20,311,000. Finally, Algert Global LLC grew its position in shares of Shore Bancshares by 1,736.2% during the 2nd quarter. Algert Global LLC now owns 213,022 shares of the bank's stock worth $4,889,000 after buying an additional 201,421 shares during the period. Institutional investors and hedge funds own 59.76% of the company's stock.

Shore Bancshares Stock Up 1.4%

Shares of Shore Bancshares stock opened at $22.70 on Friday. The company has a market capitalization of $757.50 million, a P/E ratio of 11.46 and a beta of 0.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94. The business has a 50-day moving average of $23.46 and a two-hundred day moving average of $21.57. 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 issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.10. The business had revenue of $61.75 million during the quarter, compared to analyst estimates of $60.42 million. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%. As a group, equities analysts predict that Shore Bancshares Inc will post 2.26 EPS for the current year.

Shore Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $0.56 annualized dividend and a dividend yield of 2.5%. Shore Bancshares's dividend payout ratio (DPR) is currently 28.28%.

Analysts Set New Price Targets

A number of analysts have commented on SHBI shares. Piper Sandler lifted their target price on shares of Shore Bancshares from $24.00 to $26.50 and gave the stock an "overweight" rating in a report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Shore Bancshares in a research note on Friday, July 17th. Keefe, Bruyette & Woods raised their price target on Shore Bancshares from $22.00 to $25.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 28th. DA Davidson started coverage on Shore Bancshares in a research note on Monday. They set a "neutral" rating and a $25.00 price objective for the company. Finally, Zacks Research downgraded Shore Bancshares from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.75.

Shore Bancshares Company Profile

Shore Bancshares, Inc is a bank holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provides banking and financial services to individuals, businesses, and organizations.

Shore United Bank offers deposit accounts, commercial and residential real estate loans, commercial lending, consumer loans, home equity financing, and other credit products. Its services also include online and mobile banking, treasury management, wealth management, investment services, and insurance-related products.

The company has historically focused on communities across Maryland's Eastern Shore and other parts of Maryland, with a presence extending into the Baltimore and Annapolis areas following its combination with Severn Bancorp.

Want to see what other hedge funds are holding SHBI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shore Bancshares Inc (NASDAQ:SHBI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.