Bank of New York Mellon Corp Has $2.82 Million Stock Position in Shore Bancshares Inc (NASDAQ:SHBI)

Key Points

• Bank of New York Mellon Corp increased its holdings in Shore Bancshares by 8.3%, owning 208,324 shares valued at $2.82 million as of its latest SEC filing.
• Shore Bancshares reported earnings of $0.51 per share, exceeding analysts' estimates, alongside a quarterly revenue of $56.57 million.
• A quarterly dividend of $0.12 per share was declared, representing an annualized yield of 3.03%, with a payout ratio of 32.21%.

Bank of New York Mellon Corp increased its holdings in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 8.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 208,324 shares of the bank's stock after purchasing an additional 15,936 shares during the period. Bank of New York Mellon Corp owned 0.62% of Shore Bancshares worth $2,821,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in SHBI. American Century Companies Inc. lifted its stake in shares of Shore Bancshares by 45.7% in the 4th quarter. American Century Companies Inc. now owns 469,182 shares of the bank's stock valued at $7,437,000 after acquiring an additional 147,148 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Shore Bancshares in the 4th quarter valued at about $1,479,000. JPMorgan Chase & Co. boosted its stake in Shore Bancshares by 394.2% during the 4th quarter. JPMorgan Chase & Co. now owns 104,174 shares of the bank's stock valued at $1,651,000 after purchasing an additional 83,096 shares during the last quarter. Wellington Management Group LLP boosted its stake in Shore Bancshares by 59.4% during the 4th quarter. Wellington Management Group LLP now owns 170,444 shares of the bank's stock valued at $2,702,000 after purchasing an additional 63,539 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Shore Bancshares by 4.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,346,364 shares of the bank's stock valued at $21,340,000 after purchasing an additional 57,115 shares during the last quarter. Institutional investors own 59.76% of the company's stock.

Insiders Place Their Bets

In other news, Director Konrad Wayson acquired 5,000 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were purchased at an average cost of $14.25 per share, for a total transaction of $71,250.00. Following the transaction, the director directly owned 59,328 shares of the company's stock, valued at approximately $845,424. This trade represents a 9.20% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have purchased 6,250 shares of company stock valued at $89,468 in the last 90 days. 8.69% of the stock is currently owned by company insiders.

Shore Bancshares Trading Down 1.2%

SHBI stock traded down $0.19 during trading on Thursday, reaching $15.59. The company had a trading volume of 28,657 shares, compared to its average volume of 176,621. Shore Bancshares Inc has a 52 week low of $11.47 and a 52 week high of $17.61. The company has a market cap of $520.13 million, a P/E ratio of 9.65 and a beta of 0.97. The business has a 50 day moving average of $15.49 and a 200 day moving average of $14.77. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.10. Shore Bancshares had a net margin of 15.98% and a return on equity of 11.10%. The firm had revenue of $56.57 million for the quarter, compared to analysts' expectations of $53.77 million. As a group, sell-side analysts forecast that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Shore Bancshares from a "hold" rating to a "buy" rating in a report on Saturday, July 26th.

Shore Bancshares Profile

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.