Bank of New York Mellon Corp Acquires New Shares in Shore Bancshares Inc $SHBI

Key Points

• Bank of New York Mellon acquired 218,612 Shore Bancshares shares worth approximately $5.0 million, while institutional investors collectively own 59.76% of the company.
• Analyst sentiment is positive, with a consensus “Moderate Buy” rating and an average price target of $26.00; recent targets were raised to as high as $26.50.
• Shore Bancshares exceeded quarterly earnings expectations, reporting $0.60 EPS and $61.75 million in revenue. The bank declared a $0.14 quarterly dividend and authorized a $30 million share-repurchase plan.

Bank of New York Mellon Corp acquired a new position in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 218,612 shares of the bank's stock, valued at approximately $5,017,000. Bank of New York Mellon Corp owned approximately 0.66% of Shore Bancshares as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. LSV Asset Management boosted its stake in shares of Shore Bancshares by 54.5% during the 4th quarter. LSV Asset Management now owns 183,777 shares of the bank's stock worth $3,249,000 after purchasing an additional 64,806 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Shore Bancshares in the 1st quarter worth $1,635,000. Dimensional Fund Advisors LP lifted its stake in shares of Shore Bancshares by 3.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,683,403 shares of the bank's stock valued at $31,445,000 after purchasing an additional 53,381 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Shore Bancshares in the first quarter worth $834,000. Finally, Janus Henderson Group PLC raised its position in Shore Bancshares by 578.2% in the first quarter. Janus Henderson Group PLC now owns 380,283 shares of the bank's stock valued at $7,104,000 after purchasing an additional 324,208 shares during the period. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Shore Bancshares Stock Performance

SHBI stock opened at $23.63 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. Shore Bancshares Inc has a twelve month low of $14.93 and a twelve month high of $24.89. The company has a market cap of $788.53 million, a P/E ratio of 11.93 and a beta of 0.80. The business's fifty day moving average is $23.39 and its 200-day moving average is $20.97.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 EPS for the quarter, beating 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 company had revenue of $61.75 million during the quarter, compared to analysts' expectations of $60.42 million. Equities research analysts forecast that Shore Bancshares Inc will post 2.26 EPS for the current year.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Wednesday, September 2nd. Shore Bancshares's dividend payout ratio is 28.28%.

Shore Bancshares declared that its board has authorized a share repurchase plan on Thursday, May 21st that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the bank to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

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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